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ACRES Funds $12.85M for Adaptive Reuse Project in Downtown Washington DC

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ACRES Funds .85M for Adaptive Reuse Project in Downtown Washington DC


Mortgage to fund acquisition and pre-development of workplace to multifamily conversion

WASHINGTON, Oct. 25, 2022 /PRNewswire/ — ACRES Capital Corp. (along with its subsidiaries, “ACRES”), a nationwide business actual property middle-market lender, has originated a $12.85 million mortgage to fund the acquisition and pre-development of 1010 Vermont Avenue NW positioned in Washington, DC.

The positioning is residence to the historic Denrike Constructing, an 11-story-plus workplace constructing that’s deliberate to be transformed into an 89-unit multifamily constructing with 4,081 SF of floor ground retail. Centrally positioned inside downtown DC and simply north of McPherson Sq., the property is inside strolling distance to main sights such because the White Home, main universities, and handy entry to Metro stations. The constructing’s exterior is in a Gothic Revival model, which is uncommon among the many metropolis’s business buildings.

“Repurposing and repositioning properties for up to date market wants is proving to be a core focus to maneuver ahead post-pandemic,” mentioned ACRES Chief Govt Officer and President Mark Fogel. “With the rise of workplace vacancies, 1010 Vermont Avenue NW introduced an incredible alternative for an adaptive reuse undertaking that helps the market’s demand transition from workplace area to residential within the DC space.”

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The mortgage was offered to 1010 Vermont Avenue LLC and was organized by Lindsay Stroud of Savills. Drew Miller of ACRES’ New York workplace originated the mortgage.

About ACRES

ACRES is a nationwide direct lender and SEC-registered funding adviser that gives development, bridge and everlasting debt capital options for the business actual property trade. ACRES companions on focused alternatives within the $15 million to $100 million vary, together with multifamily, scholar housing, retail, workplace, hospitality, and industrial. Contact us at www.acrescap.com or at (516) 535-0015.

SOURCE ACRES Capital, LLC



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Washington, D.C

New organization rallies in support of the RFK Stadium deal – WTOP News

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New organization rallies in support of the RFK Stadium deal – WTOP News


A new grassroots campaign has been formed in support of plans to bring the Washington Commanders back to D.C. with a new stadium at the RFK site.

A new grassroots campaign has been formed in support of plans to bring the Washington Commanders back to the nation’s capital. The group is called “RFK Now!” and co-chair Tiffany Tate said their hope is to encourage the D.C. Council to green light the project.

“We needed that vote yesterday,” Tate said.

Tate, who’s a small-business owner in D.C., said she believes the project is a big economic development opportunity for the city and a way to bring in more jobs, affordable housing and the beautification of public areas.

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She said the campaign, which is part of the advocacy group Opportunity D.C., includes business owners, nonprofits and their employees, and residents of D.C.

“That is what is so powerful about our group. It is really a snapshot into D.C.,” Tate said.

The $3.7 billion deal to bring the Commanders back to town could cost taxpayers more than $1 billion for the infrastructure of the stadium and the building of parking garages.

Some critics of the plan have raised concerns over the use of taxpayer dollars for the project. Mayor Muriel Bowser’s administration argued a large portion of the money for the deal, $500 million, would come from a ballpark fund, which was originally used to pay for Nationals Park, being redirected to the RFK Stadium site redevelopment.

Tax revenue for that fund comes from businesses that make $5 million or more each year in income.

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Tate said she believes the project is the best way to bring housing, including affordable housing and jobs, to Southeast D.C.

“Right now, there’s nothing out there. There’s no renting, there’s no homes for purchase. There is absolutely nothing,” Tate said.

Tate said the members of the RFK Now campaign have been going door-to-door, hoping to drum up support for the project. She said the reaction to the project has been mixed, with some 100% on board and others believing this deal is about one thing only — bringing the Commanders back to D.C.

The D.C. Council added the funding for the project into its 2026 budget, which will receive a final vote on July 28. While the funding is in the budget, the terms of the deal aren’t, meaning there will be a separate hearing on the stadium, with the first hearing scheduled for July 29 and a vote expected in the fall.

Tate said her fear is that if the council waits too long, the team could look elsewhere.

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“If Virginia or Maryland calls the Commanders back to their areas, we lose out on that, and who knows what that area will become in another 30, 40, 50 years,” she said.

Some of the council’s vocal critics of the project, among them Council member Charles Allen, argued that mixed-use development and affordable housing could be brought to the RFK Campus without the stadium as an anchor.

“You don’t need a stadium to be an anchor, but you need an anchor. And right now, we have a huge opportunity of billions of dollars to invest in revitalizing that area that is nothing now,” Tate said.

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DC leaders working on programs to relieve congestion across the city

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DC leaders working on programs to relieve congestion across the city


With more and more delivery vehicles on the roads. D.C. is trying to figure out ways to ease some of the congestion at curbs.

There are several pilot programs in play right now to deal with all the delivery drivers and vehicles—mopeds, Amazon, UPS and FedEx trucks.

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There is also new legislation proposed by Ward 6 Councilmember Charles Allen that would charge drivers for parking using cameras mounted on poles by reading their license plates.

What they’re saying:

“I don’t need to bill someone lots of money to pull over for parking. If you only need five minutes, let’s make it cheap—25 cents, very little amounts—but just manage that better and that’s what the cameras and technology can help us do,” Allen said. “My goal is, I want to keep that travel lane clear.”

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Allen said that model been piloted in cities like Pittsburgh and Boston and has been fairly successful.

FOX 5 spoke with D.C. Department of Transportation Director Sharon Kershbaum to break down some of the other pilot programs they are hoping can help.

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First, they are turning some high-traffic dense corridors into super-short-term parking—think ten minutes or half an hour at most.

“So if the commercial corridor has things like hair salons or vet clinic, we know those areas still need an hour or two hours of parking, but when you have a strip that has a lot of fast-casual restaurants, those are the ones that work best for the 10-minute parking,” Kershbaum said.

That way, food delivery drivers can park and pick up quicker without taking up too much curb space.

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Next, they are trying to replace big 18-wheeler delivery vehicles on congested roads by hubbing them and having smaller vehicles or even pedal or E-bikes pick up packages and do the drop-offs.

And finally, on Tuesday, DDOT issued permits for those Kiwibots—the little food delivery robots you’ve probably seen or heard of—to operate on the campuses of both Howard University and George Washington University.

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“Curbside is always a challenge for us,” Kershbaum said. “There’s not enough supply to meet demand so we have to be really innovative to use what we can.”

Local perspective:

Jonah Bliss with Curbivore, which he calls a community gathering around the future of transportation and delivery, said the District seems to be moving in the right direction with the changes.

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“Because we leave our curbs unpriced, so to speak, especially in D.C., there’s a perverse incentive to grab every inch of curb you can, park your truck illegally in the no loading zone,” Bliss said.

DDOT is also offering nearly 70 free E-bikes to delivery drivers who want to trade in their mopeds, many of which are illegal and unlicensed in the District.

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Again, these are all pilot programs in specific areas, so they will test them out and see exactly what works to implement city-wide.

NewsWashington, D.C.



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Ballard Partners’ Washington office grows with four lobbyists and significant office expansion

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Ballard Partners’ Washington office grows with four lobbyists and significant office expansion


Thomas Boodry, Grace Colvin, Alison Anway and Scott Wagner are joining the D.C. team.

Ballard Partners is announcing the addition of four lobbyists to its Washington, D.C. office: Thomas Boodry, Grace Colvin, Alison Anway, and Scott Wagner. This significant expansion of talent is complemented by the firm’s new, larger footprint in its Washington office, occupying approximately 20,000 square feet.

“We are incredibly excited to welcome Grace, Thomas, Scott, and Alison to our powerhouse Washington team,” said Brian Ballard, President of Ballard Partners. “Their combined experience and deep understanding of the policy landscape will be invaluable to our clients as we continue to navigate complex issues in Washington.

“This expansion of both our talent and our physical presence in the Homer Building underscores our firm’s sustained growth and unwavering commitment to providing unparalleled advocacy and strategic counsel.”

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Boodry is the former Special Assistant to President Donald J. Trump and Senior Director for Legislative Affairs at the National Security Council. He also served as Legislative Director to former U.S. Rep. Michael Waltz and as Legislative Aide to then-U.S. Sen. Marco Rubio.

Colvin is the former VP of Federal Advocacy and Strategy for The League of Credit Unions and Affiliates, where he represented nearly 400 credit unions across Alabama, Florida, Georgia, and Virginia before the White House, Congress, and regulatory agencies.

Anway is a health policy specialist formerly in Ballard’s Tallahassee office. She started her career with Sen. Pat Roberts of Kansas during the ACA debate and later led federal public policy for Anthem.

Wagner is a Yale and University of Miami Law graduate who co-chaired Gov. Ron DeSantis’ 2022 Transition Team. He serves on the Biscayne Bay Commission and is Vice Chair of the South Florida Water Management District Governing Board. He was previously based in Ballard’s Miami and Tallahassee offices


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