ACRES Capital Corp., a nationwide commercial real estate middle-market lender, has originated a $12.85 million loan to fund the acquisition and pre-development of 1010 Vermont Avenue NW located in Washington, DC.
The site is home to the historic Denrike Building, an 11-story-plus office building that is planned to be converted into an 89-unit multifamily building with 4,081 SF of ground floor retail. Centrally located within downtown DC and just north of McPherson Square, the property is within walking distance to major attractions such as the White House, major universities, and convenient access to Metro stations. The building’s exterior is in a Gothic Revival style, which is rare among the city’s commercial buildings.
“Repurposing and repositioning properties for updated market needs is proving to be a core focus to move forward post-pandemic,” said ACRES Chief Executive Officer and President Mark Fogel. “With the increase of office vacancies, 1010 Vermont Avenue NW presented a great opportunity for an adaptive reuse project that supports the market’s demand transition from office space to residential in the DC area.”
The loan was provided to 1010 Vermont Avenue LLC and was arranged by Lindsay Stroud of Savills. Drew Miller of ACRES’ New York office originated the loan.
ACRES is a nationwide direct lender and SEC-registered investment adviser that provides construction, bridge and permanent debt capital solutions for the commercial real estate industry. ACRES partners on targeted opportunities in the $15 million to $100 million range, including multifamily, student housing, retail, office, hospitality, and industrial. Contact us at www.acrescap.com or at (516) 535-0015.
