Ernst Valery, through SAA|EVI, provided equity for predevelopment costs and mezzanine financing for the development and renovation of Hubbard Place in Washington, DC, formerly known as Cavalier Apartments.
The building, which was constructed in the late 1920s and has been placed on the National Register of Historic Places, underwent a historic renovation by Somerset Development Company, with affordable rents preserved for all tenants. The newly renovated building is a nine-story mid-rise with 230 apartments, ground floor retail and office spaces, located just blocks from the new DC USA retail complex, Tivoli Theater and the Columbia Heights metro line.
The renovations and the new on-site resident services have transformed this once distressed property into a vibrant new community, providing safe and secure housing; the rehabilitation of Hubbard Place is also characteristic of SAA|EVI’s philosophy of restructuring a neighborhood detriment into a neighborhood asset. Total development cost was $38 million.