Who is Level 2's Partner on Florida Ave?
Level 2 Development tapped Clark Enterprises as equity partner on the development site it just purchased in the Union Market district (320 Florida Ave NE), according to Andrew McAlister of MAC Realty Advisors (second from left), who arranged the equity and debt for the deal with colleagues Nick Rubenstein, Bruce Levin, and Ben Lazarus. (The guys were snapped just moments ago.) Ben says five written term sheets were submitted for the unentitled site, which sits at the gateway of the burgeoning Union Market district and adjacent to NoMa. MAC also repped seller Lionstone Investments in the sale there.
For now though, a Burger King's there. (Can that be considered residential, since it's "home of the Whopper"?) The debt arranged was a medium-term, partial recourse fixed-rate acquisition loan for the buyers, Andrew says. The site is zoned industrial, though it has potential for Level 2 and Clark to build about 180k SF and 200 residential units through a future PUD process.