News and Press
The Stacks Announces Joint Venture Partnership and Construction Financing
April 12, 2022
The transformative development in Buzzard Point is poised to become DC’s next premier neighborhood
Washington, DC, April 12, 2022 – Today Akridge, National Real Estate Advisors (National), and Blue Coast Capital announced their joint venture partnership with Bridge Investment Group for Phase One of The Stacks mixed-use development project. The newly formed joint venture also announced that it has secured a construction loan for Phase One. Bank OZK is providing a $367 million construction loan for Phase One of the development which includes three rental residential mixed-use towers totaling more than 1,100 rental apartment units.
“These key milestones are the first steps in bringing The Stacks’ vision to life,” said Adam Gooch, Senior Vice President of Akridge. “We are eager to begin this development with our new and existing partners, and are confident it will be a true anchor to the Buzzard Point neighborhood. The Stacks’ walkable, community-centric design will take the unique and evolving character of Buzzard Point to new heights.”
“Bridge Investment Group’s partnership in The Stacks is a momentous achievement for our Opportunity Zone strategy. The Stacks will be the cornerstone of how you can make a neighborhood a home, as well as a lifestyle destination with both high-quality and essential housing options to underserved neighborhoods throughout the country.” said David Coelho, Chief Investment Officer of Bridge Opportunity Zone strategy. “The Buzzard Point neighborhood represents a significant opportunity to contribute to the housing supply goals of the District, and Bridge Investment Group looks forward to seeing The Stacks become an integral part of the community upon completion.”
“This joint venture partnership marks an exciting next step in this transformational development,” noted Jeffrey Kanne, President & CEO of National. “Projects of this scale, vision, and complexity can only be realized with excellent and knowledgeable partners in place. We look forward to enhancing this community, while creating good jobs, and working to produce attractive returns for our institutional clients.”
“Bank OZK is thrilled to provide construction financing for such an exciting development in Washington D.C.,” said David Sarner, Bank OZK EVP, Originations. “Akridge, National Real Estate Advisors, Bridge, and Blue Coast Capital provide the perfect partnership to deliver a successful project in the evolving Buzzard Point submarket, and market conditions are very favorable for delivery of this marquee asset. Bank OZK is proud to be associated with such an outstanding project and sponsor. This project will ultimately become one of the premier residential properties in the D.C. area.”
Developed by Akridge and National Real Estate Development (National Development), the full-service development company subsidiary of National, The Stacks will offer panoramic views overlooking the confluence of the Anacostia and Potomac Rivers. Akridge and National are collaborating with Gensler, Morris Adjmi Architects, Eric Colbert & Associates, Handel Architects, West 8, and Lee and Associates to design the first phase of the dynamic and pedestrian-oriented development. At full build-out, the two-million-square-foot master planned development will bring 2,000 residential units plus office, hotel, and retail space to the District and its residents completing the waterfront neighborhood between The Wharf and The Yards.
At full build-out, The Stacks will feature:
- Over 2,000 residential units
- Approximately 80,000 square feet of retail space
- Over 15,000 square feet of public park and gathering space on V Street
- Up to two (2) hotels
- A variety of creative working and residential spaces
- Below-grade parking & loading
“The Akridge and National team envisioned this world-class, mixed-use masterplan, which once complete will be unlike anything delivered in Washington, DC. Bridge and Bank OZK recognized the strength of the sponsorship team, neighborhood, and high-quality and authentic experience at The Stacks,” noted Shaun Weinberg, Managing Director of Cushman & Wakefield whose team arranged both the joint venture partnership as well as the construction financing. “We’re excited to see the partnership come together and further the transformation of Buzzard Point.” Cushman and Wakefield’s DC based debt and equity team included William Collins, Bindi Shah, Marshall Scallan and Shaun Weinberg.
To keep up to date with the latest news from The Stacks, please visit thestacks.com and follow @TheStacksDC on Facebook, Twitter, and Instagram.
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $36.3 billion of assets under management as of December 31, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
About Bank OZK:
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender changing skylines across the United States. RESG focuses on senior secured commercial real estate construction financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended December 31, 2021, RESG originated approximately $35 billion in new commercial real estate construction loans. For more information visit www.ozk.com.
Akridge is a comprehensive real estate services company and a prominent investor and developer in the Washington metropolitan region and North Carolina. It provides acquisitions, design and construction management, development, finance and asset management, leasing, and property management services. For over 45 years, the company has acquired, developed, or entitled more than 27 million square feet of office, industrial flex, multifamily, retail, and entertainment space. Akridge has another 7.6 million square feet in its active pipeline, currently manages approximately 4.2 million square feet, and has a portfolio with an estimated value of over $2.8 billion. Notable projects include the 1-million-square-foot Gallery Place, the internationally recognized Homer Building, the 240,000-square-foot 555 Mangum Street, and the 3-million-square-foot Burnham Place air rights development project at Union Station. For more information please visit www.akridge.com.
About Blue Coast Capital
Blue Coast Capital, headquartered in London, England with offices in Europe and the United States, owns, operates, and manages a diverse portfolio of real estate, private equity, hotels & leisure, and consumer-driven businesses. Working directly and with partners, it maintains a diverse spread of assets that allow it to balance opportunities and exposures in geography, property type and risk across two separate portfolios – income and opportunistic. With a track-record spanning 50 years, including 35 years in the United States, the company remains a privately owned business with the financial strength to make decisions based on unique opportunities as well as long term trends. For more information, please visit www.bccapusa.com and www.bccap.com.
About National Real Estate Development
National Real Estate Development, LLC is a real estate development firm focused on developing complex, urban mixed-use projects throughout the country. Since 2013, the team has developed over four million square feet in major markets such as Philadelphia, Los Angeles, and San Francisco. National Development bases its rigorous development processes on the principles of integrity, community, collaboration, and sustainability, and aims to transform the neighborhoods in which it develops. Regardless of location, National Development strives to consistently create value through complex project structures, delivering tailored projects that are specifically designed to meet the needs of a given market. National Development focuses on setting new standards for live-work-play environments developed in urban communities. Notable projects include East Market in Philadelphia, The BLOC in Los Angeles, and 100 Van Ness in San Francisco. National Development is the wholly owned, full-service development subsidiary of National Real Estate Advisors, LLC.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Collins + Co.