Monday, February 22, 2010

Senate Square Sold At Auction


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

3 comments:

Nathan on Feb 24, 2010, 8:43:00 AM said...

Amazing how when I took a tour and have been in discussions about leasing a place with Senate Square, Bozzuto Management never mentioned once about this happening and acted like business as usual. A call is going out to the community manager immediately today let them have a piece of my mind.

Anonymous said...

Nathan, it wasn't mentioned because it doesn't matter. How will it impact you as a tenant? It won't.

Anonymous said...

The management company is only in charge of maintenance, repairs, etc so no, it won't affect you. Other than you will be paying the same amount (for now) to lease it's a pretty big change.

 

DCmud - The Urban Real Estate Digest of Washington DC Copyright © 2008 Black Brown Pop Template by Ipiet's Blogger Template