Bellevue Lands Financing For 48-Unit Adams Morgan Project
Bellevue Asset Management is planning to turn a vacant office building in the Adams Morgan neighborhood into a 48-unit multifamily building, and it just got a major push in the right direction.
The Washington-based firm secured $14.9M in senior debt and preferred equity, arranged by Greysteel senior director Brendan Scanlon, for the acquisition and construction of the property at 1724 Kalorama Road NW. Marcus & Millichap's Bryn Merrey brokered the sale of the property.
Bellevue bought the property from The Murillo Malnati Group, which had originally filed development plans for the property in February 2015 but ultimately decided to sell.
The redevelopment will add two stories to the vacant office building and create a 48-unit multifamily building with four parking spaces.