Downtown Washington DC

Washington, DC

Multifamily - Predevelopment

Downtown Washington DC

MULTIFAMILY - PREDEVELOPMENT

ACRES Capital Corp. has originated a $12.85 million loan to fund the acquisition and pre-development of 1010 Vermont Avenue NW located in Washington, DC.

The site is home to the historic Denrike Building, an 11-story-plus office building that is planned to be converted into a multifamily building with ground floor retail space. Centrally located within downtown DC and just north of McPherson Square, the property is within walking distance to major attractions such as the White House, major universities, and convenient access to Metro stations. The building’s exterior is in a Gothic Revival style, which is rare among the city’s commercial buildings.

The property will feature:

89-unit multifamily building
4,081 SF of ground floor retail space

$12.85 Million

Loan Amount

Bridge Loan

Loan Product

“Repurposing and repositioning properties for updated market needs is proving to be a core focus to move forward post-pandemic. With the increase of office vacancies, 1010 Vermont Avenue NW presented a great opportunity for an adaptive reuse project that supports the market’s demand transition from office space to residential in the DC area.”

- Mark Fogel

ACRES Chief Executive Officer and President

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ACRES Capital, LLC (“ACRES”) is an SEC-registered investment adviser with an office in Uniondale, New York. ACRES and its representatives are in compliance with the current registration and notice filing requirements imposed upon SEC-registered investment advisers by those states in which ACRES maintains clients. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability.