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Lionheart Strategic Management Provides $53M for DC Mixed-Use Redevelopment
Lionheart Strategic Management, an affiliate of Fisher Brothers that manages capital on behalf of third-party investors, along with Schroders Capital, has provided acquisition and pre-development financing in partnership with Forbright Bank. The financing was secured by Stonebridge, The Bernstein Companies, and Criterion Capital to support the redevelopment of 1990 K Street NW in Washington, D.C.
The asset is a 14-story, 297,000-square-foot office building located in the heart of Washington’s central business district. The financing proceeds will go toward the acquisition of the property, its partial demolition, and the pre-development work needed to convert the building into a premier mixed-use residential development.
Once completed, the project will deliver a total of 435 new housing units. These will include 337 market-rate apartments, 50 student co-living units, and 48 affordable housing units.
The transaction was led by Andy Klein, Alexander Kim, and Leo Epstein for Lionheart Strategic Management, with Paul Bratten representing Schroders Capital.
“This transaction exemplifies our ability to creatively deploy capital into transformative projects across major U.S. markets,” said Alexander Kim, Vice President at Lionheart Strategic Management.
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