Mixed-Use DC Property Lands $130M Financing
- Jun 25, 2018
Apollo on H Street, a best-in-class mixed-use property in Washington D.C., has received permanent financing. According to public records, the borrower, a joint venture of Insight Property Group and an institutional investors advised by J.P. Morgan Asset Management, obtained a $130 million loan.
HFF arranged the fixed-rate loan through TH Real Estate, an affiliate of Nuveen, on behalf of the borrower. The brokerage company also secured construction financing and joint venture equity for the development back in 2014.
The building is located on D.C.’s historic H Street Corridor at 600 H St. N.E., five blocks away from Union Station. The property, completed in 2017, features 431 apartments, 57,000 square feet of fully leased retail and 32,000 square feet of office space. The fully leased retail component is anchored by a 40,000-square-foot Whole Foods, while WeWork occupies the office space.
The residential units feature high-end finishes such as stainless steel appliances, wood floor and quartz countertops. Apollo includes 60,000 square feet of common-area amenities, such as:
- public lobby and leasing lounge
- Wydown Café
- penthouse with demonstration kitchen
- event space with roof terrace access
- east and west rooftop lounges
- outdoor dog run
- communal gardens
Senior Director Jamie Leachman, along with Directors Nicole Brickhouse and Jennifer Keller, led the HFF debt placement team. “Due to the extremely competitive environment for best-in-class, pre-stabilized assets, multiple lenders were able to get creative underwriting the asset as if it was stabilized,” said Brickhouse, in prepared remarks.
Image courtesy of Jeffrey Sauers