"We are excited to be working with Douglas on Uline Arena. It is a truly extraordinary economic development project that I am confident will stand as one of the city’s most vibrant examples of urban revitalization.” - EB5 Capital President, Angel Brunner
Washington, D.C. (PRWEB) September 09, 2015
Douglas Development Corporation (DDC) has lined up nearly $94 million of financing for its highly anticipated Uline mixed-use redevelopment. With a $75.5 million construction loan from Natixis Real Estate Capital and $18 million in preferred equity provided by EB5 Capital, these investments represent approximately 75 percent of the project's total costs and put DDC on track to deliver the development in the fall of 2016. DDC will provide the balance in sponsor equity.
The historic Uline ice arena, famously known for hosting The Beatles’ first concert in North America in 1964, is undergoing an inspired transformation that will feature 174,000 square feet of creative loft office space with rooftop decks and 70,000 square feet of retail with prime frontage on three major streets.
Located at 1140 3rd Street, NE, directly across from the NoMa-Gallaudet U Metro station and five blocks north of Union Station, the mixed-use project combines much of the arena's unique dome ceiling with striking and original architectural design in this highly desirable location within one of D.C.’s most rapidly developing neighborhoods. National specialty outdoor retailer, REI, already signed a 51,000-square-foot lease for a flagship location that is touted to be an immersive experience and much more than a retail store.
“We are receiving immense interest in the project, the first of its kind in NoMa,” said Norman Jemal, principal of Douglas Development. “It's amazing and an honor to be able to redevelop this historic site into a viable, bustling property.
“We're also very excited to be working with EB5 Capital again, coming off the success that we enjoyed together at 1000 F Street. EB-5 investors are proving to be an important source of capital to supplement traditional loans for innovative projects like the Uline redevelopment.”
DDC approached EB5 Capital with the Uline project, also known as The Coliseum, in the spring of 2014 having already worked with the firm on its redevelopment of the historic 1000 F Street building into a mixed-use office and retail space. For the Uline project, 36 immigrant investors each contributed $500,000, making them eligible to apply for permanent U.S. residency through the EB-5 Immigrant Investor Program, which is administered by the United States Citizenship and Immigration Services (USCIS). Exceeding the program’s job creation requirement of 10 jobs per investor, the Uline project is expected to create nearly 450 jobs in the local economy.
In addition to Uline and 1000 F Street, DDC is currently under development on the mixed-use Hecht Warehouse District at 1401 New York Ave. and 655 New York Ave., NW, both in D.C. Overall, the developer has a development pipeline totaling eight million square feet in the Washington area.
EB5 Capital President, Angelique (Angel) Brunner, said, “Douglas Development has a proven track record working on historical renovations and developing properties that make the city a better place, while also preserving their unique history. We are excited to be working with Douglas on Uline Arena. It is a truly extraordinary economic development project that I am confident will stand as one of the city’s most vibrant examples of urban revitalization.”
The EB-5 financing raise was led by Brian Ostar, director of global operations for EB5 Capital and structured by Dan Shiff, managing director of EB5 Capital and a principal at Phillips Realty Capital, along with Jon Mullen, director of investments at EB5 Capital and a vice president at Phillips. Phillips Realty Capital is EB5 Capital’s joint venture partner and a leader in Washington, D.C. commercial real estate finance, structuring approximately $1.2 billion in debt and equity transactions a year and servicing a $2.0 billion loan portfolio.
About Douglas Development Corporation
Douglas Development Corporation, founded in 1985 and based in Washington, DC, has been recognized as a leading force in the District’s redevelopment. Over the years, Douglas Development has grown into a fully integrated real estate company with over 100 employees. Between 1990 and 2015, Douglas Development expanded its commercial portfolio from less than 250,000 square feet to nearly 9 million square feet and expanded its portfolio from 15 to over 220 properties. With over 8 million square feet of developable real estate in the pipeline, Douglas Development is well established as one of the most dominant and successful real estate developers in the Washington area. For more information regarding Douglas Development Corporation, please refer to its website http://www.douglasdev.com.
About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising foreign capital for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates USCIS approved Regional Centers in multiple states, most notably Washington, D.C., California, and New York, with 10 current and completed projects and three more in the pre-development phase. EB5 Capital has raised funds from immigrant investors in nearly 50 countries, maintaining a 100% approval rate for all past immigrant investor visa petitions. Read more at http://www.eb5capital.com.
About the USCIS EB-5 Visa Program
In 1990, Congress created the EB-5 Immigrant Investor Program to stimulate the U.S. economy through job creation and capital investment in U.S. businesses by foreign investors. In exchange for investing in a business that creates jobs for American workers, foreign nationals and their families can become permanent residents of the United States. The program’s name, “EB-5”, comes from the visa category for which immigrant investors apply – the Employment-Based 5th Visa. The program is administered by the United States Citizenship and Immigration Services (USCIS), an agency of the Department of Homeland Security.
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