1401 Pennsylvania Avenue, SE
Washington, DC

Client
CAS Riegler, Neighborhood Restaurant Group, and May Development

Description
The 1401 Penn development will offer residents 167 fully-amenitized apartments with high-end finishes and spectacular views of the U.S. Capitol building and Anacostia River. The seven-story building features innovative ground-level retail where NRG will operate a restaurant, beer and cocktail bars, a food market and a coffee shop. The development is positioned to be the marquee residential development in a burgeoning area of Capitol Hill.

Structuring
The $61.6 million capital stack included a $44.5 million construction loan from EagleBank and $17 million preferred equity from EB5 Capital.