DC Firestation | Preferred Equity
In the Fall of 2018, Evergreen invested preferred equity for the purpose of construction and working capital. The Sponsor is a mixed-use and multifamily development company which has been in business for over 10 years.
The property was vacant land that the Sponsor took through the entitlement process for thirty affordable townhouse units. The Sponsor was approached by the District of Columbia to construct a fire station on the property.
The Washington DC government has executed a long term lease for the new fire station. The project will be approximately 27,000 gross square feet, including approximately 10,000 square feet of a two story structure on the west side of the property and two approximate 8,000 square feet and 9,000 square feet single story butler buildings to the east