Kennedy Wilson has closed a $175 million senior construction mortgage to finance the development of 1999 Eye Street NW, a 434-unit multifamily community in downtown Washington, D.C.
The development is being sponsored by a joint venture between Stonebridge, The Bernstein Companies and Criterion Real Estate Capital, with a separate account advised by MetLife Investment Management as an institutional equity partner.
The 14-story, ground-up development will feature a mix of 340 market-rate residences, 50 student housing units totaling 200 beds and 44 affordable units. The property will also include approximately 15,600 square feet of ground-floor retail space and 189 residential parking spaces.
Located in downtown Washington, D.C., 1999 Eye Street is situated near numerous employment and institutional anchors, including the World Bank, International Monetary Fund and George Washington University.
“We are pleased to partner with Stonebridge, The Bernstein Companies, Criterion Real Estate Capital and MetLife Investment Management to support the development of 1999 Eye Street,” said Craig Lockard, Managing Director, Debt Investment Group at Kennedy Wilson.
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