The 432-unit Senate Square apartment building on the 200 block of I Street, NE, sold this afternoon at auction for more than $121,000,000 to its "mezz" lender. The sole bidder, VII I Street Mezz Lender, LLC (the "Secured Party") nodded at the opening bid of $1 million, which had to be paid on top of the outstanding $120 million note plus accrued mortgage interest and fees. VII I Street Mezz Lender, LLC was listed as a mezzanine lender on the property in the auction notice. The bid was the only one placed on the troubled property. Developed by New York-based Broadway Development and designed by architect Philip Esocoff, the property went into receivership in October 2009 after an aborted attempt at condo sales and a slow start at leasing.
Attorney for the secured party, Stephen Meister of the New York-based firm Meister Seelig & Fein, LLP, indicated he was uncertain how the purchase would affect management of the building.
Washington, DC real estate development news