WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announces mezzanine financing for 880 P Street, a 142-unit luxury apartment building within the City Market at O mixed-use property in Washington, D.C.’s Shaw neighborhood.
The HFF team worked exclusively on behalf of the developer, Roadside Development, to secure the loan with Invesco Real Estate, a global real estate investment manager.
880 P Street is the final phase of the City Market at O development, a nationally-renowned, award-winning project spanning two city blocks bounded by O and P Streets to the north and south and 7th and 9th Streets to the east and west. City Market at O is anchored by a 78,000-square-foot Giant Food flagship store along with a 182-room hotel and a total of 638 residential units. The recently delivered, nine-story 880 P Street features 2,700 square feet of retail on the ground floor with a mix of studio, one- and two-bedroom units averaging 806 square feet in the floors above. Units offer top-of-the-market finishes such as Sub-Zero refrigerators, wine refrigerators, custom cabinetry, soaking tubs and enclosed showers, distressed faux-wood flooring, solar window shades, interior brick accent walls, full-size washers and dryers and expansive private terraces with indoor and outdoor fireplaces. The property has a dual-level rooftop amenity deck, including a piano bar with lounge space, herb garden, waterfall feature and dog park. Additional amenities include a state-of-the-art fitness studio with cardio and yoga rooms, full-service spa and clubroom with poker tables, large TV’s and a fireplace.
The HFF team representing the developer included managing director Walter Coker, senior director Brian Crivella and director Nicole Brickhouse.
“880 P Street is one of the most exciting multifamily opportunities in Washington D.C. as it is the cornerstone of the now completed City Market at O,” Coker said. “As such, the capital markets responded with some of the most aggressive capital structures we have seen to date.”
About Roadside Development: Led by founding partners, Richard Lake, Armond Spikell and Todd Weiss, Roadside Development is a Washington, D.C.-based real estate firm that values and invests in people - its employees, partners, business associates and local communities. The high quality of its projects reflect that value and investment. Whether it is a catalytic urban redevelopment project or a large suburban mixed-use lifestyle center, Roadside Development is committed to providing only professional, innovative and solution-based real estate services.
About Invesco: Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com
About Invesco Real Estate: Invesco Real Estate is a global leader in the real estate investment management business with $65.1 billion in real estate assets under management, 462 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., which is an indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $917.5 billion in assets under management and on-the-ground presence in 29 cities worldwide. *Information as of September 30, 2017.
About HFF: HFF and its affiliates operate out of 25 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.