WASHINGTON, D.C. – November 20, 2018 – Berkadia announced today the nearly $112 million combined financing of Beckert’s Park Development and 72 Florida Avenue Self Storage in Washington, D.C. Director Jonathan Pratt of the Washington, D.C. Metro office secured the loans for both transactions.
Located at 415 14th St. SE, Beckert’s Park Development is a mixed-use property that is under development. Berkadia secured the $89.5 million construction refinancing through a large national bank on behalf of the borrower, Maryland-based Foulger-Pratt. The three-and-a-half-year floating rate construction loan was executed at 65 percent loan-to-cost. The financing also includes 50 percent of the development equity provided through EB5 Capital and a revolving line of credit in order to complete the construction of a Safeway grocery store space out of the multifamily debt proceeds. The deal closed on October 11.
“This was a particularly complex transaction involving a lot of moving parts,” Pratt said. “Foulger-Pratt was extremely thoughtful and detail-oriented in working through the structure of the transaction. They continue to be one of the most active developers in Washington, D.C., and they are easy and efficient to work with.”
Along with the ground-floor 60,000 square-foot Safeway grocery store, Foulger-Pratt plans to redevelop the Beckert’s Park site into a 325-unit five-story apartment community.
Berkadia also secured $22.49 million in financing for 72 Florida Avenue Self Storage on behalf of Foulger-Pratt. The five-year conventional construction loan was obtained through another large national bank. The floating rate construction loan was executed at 65 percent loan-to-cost. The deal closed November 16.
Upon completion, 72 Florida Avenue Self Storage will be a 166,000 square-foot self-storage facility in Washington D.C.’s NoMa district. The property will provide storage services in a submarket that has historically been drastically underserved.
These transactions bring Pratt and Berkadia’s Washington, D.C. team to a total of $307 million in financing secured in the Washington, D.C. metro area in 2018.