Post Brothers D.C. Office-to-Resi Project Heads to Second Foreclosure Auction
The Philadelphia-based firm cast the winning bid for its project at an initial foreclosure auction in May, but was unable to secure more funding
By Nick Trombola July 11, 2025 2:23 pm
reprints
A Philadelphia-based developer has, for the second time, lost its grip on a Washington, D.C., office-to-residential conversion project just a few months after winning the property back at auction.
A foreclosure notice was filed earlier this week for Post Brothers’ 2100 M Street NW, a roughly 301,000-square-foot office in D.C.’s West End. The firm had planned to convert the building into 400 apartments, adding five stories and a penthouse, along with 20,000 square feet of retail space.
Post Brothers acquired the property from Network Realty Partners and Meadow Partners for $66.8 million in 2023, funding the purchase with a $66.7 million loan from AllianceBernstein. The firm landed project approval from the D.C. Board of Zoning Adjustment in October. But the honeymoon phase didn’t last long — an initial foreclosure notice was served on the building due to $77.9 million in outstanding debt.
Yet, Post Brothers, which specializes in office-to-resi conversions, wasn’t prepared to give up on the project. The firm cast a winning $60 million bid at the property’s foreclosure auction in mid-May, narrowly beating out AllianceBernstein’s $59.5 million bid, per the Business Journals, which first reported the news of the second foreclosure. That victory was also short lived, as Post Brothers was apparently unable to secure an extension from AllianceBernstein or a separate financing package within the 30-day grace period following the auction.
And, so, back to the auction block 2100 M goes. The property is set for foreclosure sale on Aug. 7 at Alex Cooper Auctioneers in D.C.
Representatives for Post Brothers and for AllianceBernstein did not immediately respond to requests for comment.
The Philadelphia firm is meanwhile attempting to convert a two-building, 700,000-square-foot plaza in D.C.’s Adams Morgan neighborhood, dubbed Universal North and South. The project, which aims to create 600 units, is currently the largest office-to-resi conversion within the District. Post Brothers had struggled to find a lender for that $400 million build as well, according to reports earlier this year, requesting a two-year extension on the project’s entitlements as it searched for financing.
Post Brothers had a pending deal with an unnamed financier in January, Matthew Pestronk, Post Brothers’ president, told Business Journals at the time, though the current status of that deal is unclear.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
