D.C. Multifamily Building Headed to Foreclosure Auction Next Month
By Nick Trombola November 1, 2024 12:57 pm
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The latest foreclosure in Washington, D.C., is not an office, but a multifamily building in the District’s wealthy Capitol Hill neighborhood.
Lender Bridge Investment Group filed the notice and affidavit Thursday for a $26.5 million loan tied to the 117-unit building, dubbed The Rushmore, at 1220 Pennsylvania Avenue SE, according to Bisnow. Evergreen Private Finance is the borrower and owner of the building, which it co-developed with SGA Companies in 2018, The Washington Post wrote at the time.
The building heads to auction on Dec. 16, per Bisnow. It’s 1.5 miles southeast of the U.S. Capitol and has 2,500 square feet of retail space.
Founded in 2013, Evergreen has a portfolio of 65 multifamily buildings across the Mid-Atlantic, according to its website, though it doesn’t disclose the names and locations of those buildings.
Representatives for Evergreen and Bridge Investment Group did not immediately respond to requests for comment.
A slew of buildings in the District have faced foreclosure or other forms of financial distress lately, though office is usually the asset class on the chopping block. Take for example a collection of properties at L’Enfant Plaza, which were written off by former owner JBG Smith last year, slated for auction in September, and sold to former lender Blackstone Mortgage Trust in October.
Or there’s the 10-story building at 1750 H Street NW, which was sent to foreclosure auction in June and sold to its former lender State Farm Life Insurance.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
