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: