Tasea Investment Company and the Auger family has received a $20.6m mezzanine loan for a 197 unit Class A apartment community in Washington, DC. Located at 1255 22nd Street, NW., the redevelopment will include the ground up construction of a connected nine-story, 65-unit apartment building with five, two-story carriage homes with private parking. The complex includes an additional 5,000 square feet of retail space. The mezzanine loan was sourced through Federal Capital Partners.
“1255 22nd is extremely well-located in the West End of Washington, DC, where supply continues to be constrained by high barriers to entry,” said FCP Sr. Vice President, E.J. Corwin. “This project is very well-conceived and is ready for construction at a time when there is strong demand for additional new Class A apartments so close to downtown, Dupont Circle, George Washington University and Georgetown.”
