Grosvenor Americas closes JV with Hoffman & Associates for Waterfront Station II in Washington, D.C.
Grosvenor Americas, through its Structured Development Finance (SDF), has formed a joint venture with Hoffman & Associates to build Waterfront Station II, a mixed-use, mixed-income development. The transaction is the fourth project capitalized by Grosvenor’s True North III Partnership, established in July with $300 million to invest in equity and equity-like opportunities.
The latest commitment of $25 million is for the development of Waterfront Station II, a 449-unit mixed-use, mixed-income apartment project with approximately 29,000 square feet of retail located at 1000 4th Street, SW. The development team is a partnership comprised of four organizations led by Hoffman & Associates. The residential component includes studio, one- and two-bedroom units, 30 percent of which (136 units) are set aside for income-qualified households earning up to 30 percent or 50 percent of area income. Affordable housing is a top priority for the Waterfront Station