ACORE Capital Provides $139M Debt Package on DC Mixed-Use Development
ACORE Capital has extended $138.9 million in first mortgage and mezzanine financing to Quadrangle Development Corporation to recapitalize National Place, a sizable office and retail mixed-use development located near the White House in Washington D.C.’s Penn Quarter area, Commercial Observer has learned.
The financing allowed for the recap of more than 691,000 square feet of office and retail real estate within National Place — at 1331 Pennsylvania Avenue Northwest — which features a three-story mall and a large food hall.
ACORE Director Eric Ramirez originated the deal, which closed on April 28. CBRE advised in the arrangement of the debt.
“We saw this as an opportunity to finance extremely well located, generational real estate for a top local sponsor in Quadrangle,” Ramirez told CO. “We are excited to see and be a part of Quadrangle’s continued vision for the property and its continued success.”
National Place was built in 1984, and it includes roughly 523,000 square feet of office space across 15 floors, as well as 400 underground parking spaces, according to property information from Loopnet. It also has a three-story, enclosed mall called The Shops at National Place, a food court called Eat at National Place — which closed in May 2020, just after the onset of the pandemic — and also a JW Marriott hotel owned by Quadrangle.
The property is located between 13th and 14th Streets Northwest in D.C., surrounded by some of the District’s most popular attractions, including the White House, the Washington Monument, the collection of Smithsonian National Museums and the United States Capitol building. About a block away from the asset is Washington Metropolitan Area Transit Authority’s Metro Center subway stop; the Federal Triangle train stop is also a few blocks away.