Storey Park,
CBRE
The 2019 Finance Transaction of the Year...
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CBRE’s Mid-Atlantic Debt & Structured Finance Group, led by David Webb, Maxi Leachman, and Justin Glasgow, arranged the non-recourse construction financing of $176.5 million for Storey Park, a trophy mixed-use development in Washington, DC’s NoMa neighborhood. The 670,000 square foot residential, hotel, and retail development is expected to begin Q1 2020 and will deliver 500 residential units, a 235 key full-service Marriott hotel, approximately 40,000 square feet of retail, and a 289-space underground garage.
The projects ownership structure with multiple development partners and multiple uncrossed loans was a unique aspect of the financing. In addition to the senior debt, the hotel included a mezzanine loan, and potential EB5 funding and a “standby” mezzanine commitment, while the apartment/retail/garage portion included a mezzanine loan. The size, scale, and requirement to build the residential and hotel components simultaneously above a shared garage added to the complexity.