Lionheart Strategic Management, an affiliate of Fisher Brothers that manages capital on behalf of third-party investors, and Schroders Capital, has provided acquisition and pre-development financing, in partnership with Forbright Bank, to Stonebridge, The Bernstein Companies, and Criterion Capital, for the redevelopment of 1990 K Street NW.
The 14-story, 297,000-square-foot office building is located in Washington, D.C.’s central business district. Andy Klein, Alexander Kim, and Leo Epstein led the transaction for Lionheart Strategic Management. Paul Bratten led the transaction for Schroders.
Proceeds from the financing will support the acquisition, partial demolition and other pre-development work necessary to reposition the property into a premier mixed-use residential community. The project will deliver 435 new housing units, including 337 market-rate units, 50 student co-living units, and 48 affordable units.
“This transaction exemplifies our ability to creatively deploy capital into transformative projects across major U.S. markets,” said Alexander Kim, Vice President at Lionheart Strategic Management.
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