Project Description

The Addison is owned by Velocity Capitol LLC. The Addison project was a fully occupied 125-unit rental property with existing tenants were relocated. The existing structure was demolished and 5 new buildings were constructed. The new condo buildings have 125 units. The construction financing provided by National City Bank. The revolver facility was valued at $19,000,000 and the mezzanine debt facility was valued at $2,700,000. Project was completed in 2010.

Project Details

Project: The Addison

Location: Capitol Heights, MD

Project Status: Completed

Value: $21.7 Million

Provided:Developement Services

Partners: Bozzuto Development; Bozzuto Construction Company