Grosvenor’s Capital Project Gets Boost from Capital One
- May 15, 2015
F1RST, a 450,000-square-foot mixed-use development in Washington, D.C., is getting a major boost from Capital One Bank. The financial services giant’s Commercial Real Estate Group recently closed a $90 million construction loan to Grosvenor Americas, the developer of the residential, hotel and retail project.
Grosvenor is partnering with McCaffery Interests on F1RST, and has brought Clark Construction on board to serve as general contractor for the development, which broke ground in April. From Capital One’s perspective, the team has hit it out of the park.
“The strong sponsorship support of Grosvenor and Clark made the project very attractive for Capital One to finance,” Sadhvi Subramanian, senior vice president with Capital One Commercial Real Estate, told Commercial Property Executive.
Carrying the address of 1277 First St. SE, the Hickok Cole Architects-designed F1RST will feature a 13-story 327,000-square-foot residential tower offering 325 units and 25,000 square feet of ground-level retail, and a 12-story 126,000-square-foot Residence Inn by Marriott extended-stay hotel with 170 guestrooms.
Location has a lot to do with the project’s appeal as well. The development will sprout up across from Nationals Park, the $600 million, 40,000-seat baseball park that has been the catalyst for revitalizing the Capitol Riverfront District since it opened in 2008.
And F1RST’s multi-family component also caught Capital One’s eye. “Capital One is comfortable with the dynamics of the multifamily market in the Ballpark area,” Subramanian said. “The baseball stadium and continued investment by substantial sponsors is making the submarket very desirable for millennials.”
F1RST is on track to reach completion by opening day of the 2017 Major League Baseball season.