Arlington, VA-based Altus Realty is partnering with EagleBank CEO Ron Paul's private real estate company, Ronald D. Paul Cos., to develop a 220,000 square foot mixed-use complex in DC's Baseball District in the 1300 block of South Capitol Street SW. According to a Bisnow report, Paul purchased the 30,357 square foot parcel for the project for $11 million. The project was facilitated by MAC Realty Advisors, which arrange the sale of the land on behalf of several land owners and then arranged an acquisition and predevelopment loan from a regional bank, as well as helping to structure the JV between Altus Realty and the regional investor.
The project's development costs tally up to $80 million MAC Realty Advisors' Bruce Levin told GlobeSt.com. It will deliver in 2018. The project will have about 250 apartment units plus some retail, Levin also says. "There is a lot of development in the Baseball district, but this project is particularly attractive because it will be directly facing the Washington Nationals Stadium."
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