Three decades ago, after the city sold the school to a developer, Old Douglass became an apartment building. It will remain one, but with the addition of FACE’s operation. The building’s owner, Brick Lane, an apartment management and investment company, is making the renovation and expects to have the space ready by late summer. Because Sandtown is listed as one of the city’s Opportunity Zones, Brick Lane is seeking an additional investor to turn the adjoining parking lot, at Calhoun and Cumberland, into an apartment building. Jeff Gross, a Brick Lane principal, says the tax breaks that come with the Opportunity Zone designation also could help pay for the redevelopment Old Douglass’ theater. According to the city’s Commission for Historical and Architectural Preservation, the theater can seat 1,600.
Whatever you do, don’t call it Petworth. The little DC neighborhood just to the south of that better-known one is not only a distinct place—it’s quickly becoming one of the coolest slivers of the city. The stretch of Georgia Avenue from Gresham Place to Rock Creek Church Road makes up Park View’s commercial corridor.
Not surprisingly, more residential options have sprung up, too. But unlike the mammoth mixed-use projects farther up Georgia, multifamily buildings in Park View are generally smaller—such as the nine-unit Lamont across from Call Your Mother—thanks to lower-density zoning that has allowed the area to retain its more human-scale, Main Street vibe.
After years of wading through bureaucratic intricacies that included a zone change, historic preservation discussions, and permitting and plan approvals, construction of a mixed-use development is finally underway at the former Coca-Cola bottling plant in Frederick.
Dirt began moving in December on The Bottling Plant, once known as Catoctin Overlook, at 1705 N. Market St.
Developers with Washington, D.C.-based Brick Lane are completing the work. Devon Lauer, vice president of development for Brick Lane, said that crews began construction work in December and that completion is slated for November or December of this year.
Brick Lane has acquired Falling Creek Apartments, a 348-unit community in the North Chesterfield area of Richmond, for $25 million from BAF Associates.
HFF secured joint venture equity and debt financing for the transaction, totaling $26 million. National Property REIT Corp. (NPRC) provided $6.7 million in joint venture equity, while Freddie Mac provided a $19.3 million, 12-year fixed-rate loan through its CME Program.
Holliday Fenoglio Fowler, L.P. (HFF) announces joint venture equity and debt financing totaling $26.031 million for the acquisition of Falling Creek Apartments, a 348-unit apartment community in the North Chesterfield submarket of Richmond, Virginia. “Falling Creek aligns with the core strategy of both Brick Lane and NPRC, both of which seek well-located properties that can benefit from institutional ownership and operations,” Leachman said. “It was a privilege to bring together both groups and assist in their continued success.”
HFF worked on behalf of the borrower, Brick Lane, to secure the $5.25 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Freddie Mac has provided financing for 786 units with Brick Lane during the last two years.
Greysteel, a national commercial real estate investment services firm, has arranged the sale of the Norfolk Ocean View Portfolio, a 104-unit, nine property multifamily portfolio located in the Ocean View neighborhood of Norfolk, Virginia. Greysteel Director Rawles M. Wilcox and Investment Associate Jared Emery from the firm’s Norfolk, VA office negotiated the $7.625M transaction on behalf of the seller Boardwalk Realty & Development and the out-of-state buyer, Brick Lane Real Estate.
HFF worked on behalf of the borrower, Brick Lane and Red Starr Investments, to secure the 10-year, fixed-rate acquisition loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans.