Mid Atlantic Real Estate Journal — April 11 - 24, 2014 — 11A
www.marejournal.com
F INANCIAL D IGEST
On behalf of Madison Investments MAC raises $27.4m acquisition & development financing for 14th Street Corridor project
W
ington, DC. In addition, MAC placed a limited recourse senior construction facility from a regional bank for the transac- tion, which closed on March 10, 2014. Madison Investments will re- habilitate the existing historic buildings and ground-up de- velop a new nine-story concrete high-rise tower on the existing parking lot. The Project will contain 56 residential units and approximately 13,000 s/f of retail. Construction is expected to begin in June 2014 with de- livery planned for early 2016. “The limited availability of mixed-use development sites
on 14th Street make this trans- action especially compelling," said SiaMadani , a principal of Madison Investments. “Madi- son is incredibly excited to break ground on 14th Street!” Ben Lazarus , senior di- rector with MAC said, “MAC worked with the senior lender to help them underwrite the substantial in-place land basis, which resulted in a construc- tion loan that required a lim- ited amount of cash equity and best-in-class terms.” Andrew McAllister, Bruce Levin , Ben Lazarus, and Car- en Garfield led the placement effort for MAC.
A S H I N G T O N , DC — MAC Re- alty Advisors, LLC
HFF Philadelphia hires Christopher Munley PHILADELPHIA, PA – HFF announced that Chris- topher Munley has joined (“MAC”) , on behalf of Madi- son Investments , success- fully arranged a $27.4 million private investment and senior construction loan for the acqui- sition and development of 1921 14th St. NW. The development site is an existing parking lot, retail, and vacant apartment building located at the heart of the 14th St. Corridor half a block south of U Street and across the street from Louis on 14th in Northwest Wash- Munley joins HFF from Marcus & Millichap , where he specialized in the sale of single and multi-tenant retail real estate, closing more than $1 billion of transactions dur- ing his tenure there. He has been recognized as one of Real Estate Forum’s “Top 5 Brokers” in 2013, and while at M&Mwas a four-time Sales Recognition Achieve- ment Award winner and a three-time National Achieve- ment Award winner. “Chris has established him- self as a top retail professional in the Mid-Atlantic region, and we are pleased that he will be a member our growing Philadelphia investment sales team,” said Mark Thomson , senior managing director and co-head of the HFF Philadel- phia office. “We have built a success- ful track record of working together with Chris over the years,” said Zac Pierce , se- nior managing director and co-head of HFF’s Philadelphia office. “Many owners of multi- housing assets also own retail properties and Chris’ exten- sive transactional history and market knowledge have been extremely valuable to our clients.” Chris Munley the firm as a managing director in its Philadel- phia office to focus on r e t a i l i n - v e s t m e n t sales trans- actions in the Mid-Atlantic region.
1921 14th St.
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