6A — April 12 - 25, 2013 — Mid Atlantic Real Estate Journal
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Team secures $18.6m in equity from an insurance co. MAC Realty Advisors places $28.6m construction loan
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ASHINGTON, DC — MAC RealtyAd- visors, LLC(MAC) ,
ter House’s surface parking lot. Construction of the five- story wood-frame building is planned delivery in the first quarter of 2015. “Kalorama West’s infill loca- tion in a desirable submarket was recognized by several lenders and resulted in a com- petitive process that led to best-in-class terms,” said An- drew McAllister, executive director at MAC. “MAC worked with the bank to help them understand and underwrite the substantial in-place land basis which re- sulted in a loan that required virtually no new cash equity,” added Britton Browne, senior director at MAC. AndrewMcAllister, Bruce Levin, Britton Browne and Nick Rubenstein led the placement effort for MAC. ■ In a separate MAC trans- action, on behalf of Brad- dock Metro Place Investors, successfully placed equity and debt for a $50 million apartment development. The team secured $18.6 million in equity from an insurance company and $29.2 million in a non-recourse senior con- struction-to-permanent loan from a separate life insurance company for the development of Braddock Metro Place, a 165-unit residential develop- ment site in Alexandria, VA. JW Capital Partners and a local partner, together with John Moriarty & Asso- ciates (JMA) as the gen- eral contractor, will develop a 10-story concrete building steps away from the Braddock Metro Station and a short dis- tance to the heart of Old Town Alexandria. Groundbreaking is scheduled for the first quar- ter of 2013. “The strength of the devel- opment team coupled with the location of the development were so compelling that it garnered best in class terms from both the equity inves- tor and senior lender,” said McAllister. The Braddock submarket is increasingly popular due to its excellent access to Metro and proximity to Old Town and major arteries that connectAl- exandria to the DCMetropoli- tan region. This project will be the closest residential building to the BraddockMetro station. Andrew McAllister, Bruce Levin, and Caren Garfield led the placement effort for MAC. ■
on behalf of Kalorama West, LLC , a joint venture between Columbia General Corpo- ration and Potomac Invest- ment Properties , placed a senior construction loan for the development of Kalorama West, a 117-unit apartment building located in the Ad- ams Morgan neighborhood of Washington, DC. The team secured a $28.6 million non- recourse loan from a national bank. The transaction closed in March 2013. The venture developed and
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Kalorama West
owns the adjacent 394-unit Dorchester House. Kalorama West is an expansion of the existing apartment building, which will be built on Dorches-
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