Federal Capital Partners® (FCP) has entered into a joint venture with Level 2 Development, LLC and Clark Enterprises, Inc. to develop The Highline, a $100 million apartment community at 320 Florida Avenue, NE in Washington, DC. The community will be comprised of 318 luxury apartment homes including four penthouse units and approximately 10,000 square feet of first floor retail space.
“The Highline is an exciting opportunity in one of the most vibrant and exciting submarkets of Washington, DC,” said Wade Casstevens, FCP Senior Vice President. “We are particularly pleased to be developing this extraordinary project with Level 2 Development and Clark Enterprises, both strong local companies who have done an exceptional job of designing and planning The Highline over the last few years.” Level 2 and FCP recently completed Takoma Central, comprised of 150 premium apartment units above Busboys & Poets and next to the Takoma Metro Station in Takoma, Washington, DC.
Designed by Eric Colbert & Associates, the 12-story, modern-industrial architectural design integrates warehouse-style windows with industrial-framed glass cubes that weave in and out of the Florida Avenue façade at varying depths. The project was inspired by New York’s meatpacking district and the elevated park known as the High Line. Other unique elements of the design include materials reminiscent of rail cars, and steel columns that echo the riveted steel supports of the nearby railroad underpass. Located one block from the NoMa/Gallaudet Red Line Metro Station, The Highline at Union Market will provide a significant pedestrian connection between the NoMa and Union Market neighborhoods through a park it will build adjacent to the project. “This project embraces the history of the Union Market District as well as the railway, while setting a new standard of design for the area”, said David Franco, a principal at Level 2 Development. “We are looking forward to working again with FCP on the project.”
The Highline will include a rooftop pool as well as sustainable features equivalent to LEED Silver, including a green roof, bio retention facility, energy-efficient building design and 105 bicycle parking spaces. The Highline will offer its residents and retail businesses extraordinary access to nearby amenities including the dozens of retailers and restaurants at Union Market, now one of Washington, DC’s top destinations, the vibrant NoMa business district, Gallaudet University, the NoMa/Gallaudet Metro Station and Union Station.
Thirteen 3- bedroom townhomes will be built off-site in ANC 5B in conjunction with DC Habitat and set aside for households earning no more than 50% of the area median income. In addition, four percent of The Highline’s units will be set aside for households earning no more than 80 percent of the area median income.
United Bank and EB5 Capital provided construction financing for the project. MAC Realty Advisors assisted the venture in acquiring development financing.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $5.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets in the Eastern United States. For further information on FCP, please visit www.fcpdc.com
About Level 2 Development, LLC
Level 2 Development, LLC is a Washington, DC based real estate firm specializing in the development of luxury residential and mixed-use projects that offer the highest level of finishes and detail. Level 2 believes in building strong relationships with all of its partners — equity sources, design and construction professionals, residents of its communities, and with local stakeholders in the larger communities in which it works. Level 2 has proven success in land acquisition, entitlement, and construction management. Since its founding in 2005, the company has led the development of more than 1,500 residential units and 75,000 square feet of retail space, representing transaction volume in excess of $350 million. For further information on Level 2 Development, please visit www.level2development.com
About Clark Enterprises, Inc.
Clark Enterprises, Inc. (CEI) is a diversified investment company based in Bethesda, MD that was founded in 1972. CEI has been an active real estate investor since its inception, growing its real estate portfolio to approximately $1 billion of CEI equity value. The CEI portfolio includes stabilized assets and development projects totaling 3,300,000 square feet of office space, 8,000 residential units, and 1,300 hotel rooms primarily located in the Washington, DC area. For further information, please visit www.clarkenterprises.com.
About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising foreign capital for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates a number of USCIS-authorized Regional Centers across the country, most notably in Washington, D.C., California, and New York, and has a portfolio of 21 projects. EB5 Capital has raised funds from investors in 50 countries, maintaining a 100% project approval rate from the USCIS. It is one of only a handful of Regional Center operators that has returned capital to investors across multiple transactions. For more information, visit: http://www.eb5capital.com