Douglas Development and its partner in a new project on 1900 Half St., SW, have secured EB-5 capital to partially finance the office-to-multifamily housing conversion.
EB5 Capital is contributing a $44.5 million preferred equity investment to the $190 million project that is currently under construction. The building, which will have 453 units and over 15,000 square feet of ground-floor retail, is on track to create more than 1,300 EB-jobs, according to EB5 Capital. The 89 foreign investors in the EB-5 partnership are from various countries, including Canada, China, Eritrea, Hong Kong, India, Iran, Israel, Korea, Pakistan, Russia, Taiwan, Ukraine, the United Kingdom, Venezuela, and Vietnam.
This is EB5’s third project with Douglas Development, according to Brian Ostar, EB5 Capital’s Senior Vice President of Global Operations.
PTM Partners has taken an ownership stake in the 502,395-square foot office building with an eye to revitalizing the Buzzard Point submarket in the District. The project is the culmination of years of planning on the part of Douglas Development to reposition the building, once a former office that housed the FBI and Coast Guard.
The project is located within a Qualified Opportunity Zone.