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AF Deal Flow: PacWest Provides Financing to Transform DC Bus Terminal Into Premier Mixed-Use Development

Arent Fox recently advised Pacific Western Bank in connection with the financing of Storey Park, a premier mixed-use infill development in the dynamic NoMa neighborhood of Washington, DC.

The Storey Park project will transform the former site of a Greyhound bus terminal into an emblem of the neighborhood’s successful revitalization efforts. The project will consist of two complimentary apartment buildings connected by a rooftop sky-bridge and more than 40,000 square feet of premier retail space.

For the residential portion of the project, PacWest provided a $130.6 million senior construction loan to a joint venture consisting of Perseus Realty, Four Points LLC, and Sunwater Capital. An affiliate of Elliot Capital Management provided mezzanine financing on the residential portion of the project.

The Arent Fox finance team advising PacWest included David Martin, Patrick Nickler, Lewis Goss, Warren Seay, Jr., Ryan Witt, and Angelica Lewis. The matter closed in December 2019, with the project slated for completion in 2022.

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