Stonebridge The Bernstein Companies Criterion Real Estate Capital Secures $53M Loan For Multifamily Conversion In Washington DC

The asset located at 1990 K Street Northwest in Washington, DC, falls under the multifamily category. Stonebridge, The Bernstein Companies, and Criterion Real Estate Capital are involved in the conversion of this property into 453 apartments, which includes 48 affordable units, as part of the city's Housing in Downtown tax abatement program.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $53,000,000
• Lender: Lionheart Strategic Management, Forbright Bank & Schroders Capital
• Landlord: Stonebridge, The Bernstein Companies & Criterion Real Estate Capital
• Loan Type: Acquisition
• Loan Date: 09/15/2025

The financing secured by Stonebridge, The Bernstein Companies, and Criterion Capital is aimed at the redevelopment of the property, facilitating the transformation of the existing structure into residential units. This project aligns with local housing initiatives to increase the availability of affordable apartments in the area.