The 12-story, 110-unit mixed-use (multifamily and retail) building in DC’s Union Market neighborhood sold at a foreclosure auction today for $38,300,000.00. Silver Spring-based HH Fund is the purchaser. PropertyQuest (DC Office of Planning) indicates the 2024 assessment for the property (land and improvements) to be $41,068,460.

According to The Real Deal, New York-based Ranger Properties purchased the pre-development property in 2017; the development entitlement process took two years; EagleBank issued a $33.7 million construction loan in 2019; the new development delivered in early 2023; and Srinivas Chavali purchased the nonperforming loan backing the property in January 2024.

The building includes 3,463sf of retail space, a portion (1,136sf) of which is leased to The UPS Store. The remaining 2,327sf is vacant. The multifamily portion of the building is known as The Lanes at Union Market. The property is located about a thousand feet from Edens-owned Union Market, which is a food hall that anchors the Union Market District.

Alex Cooper Auctioneers conducted the auction.

Last Updated on May 23, 2024 by Ramin Seddiq