As part of its series of Heartland Investment Opportunities (HIO), Heartland partnered with Liz Dunn to fund the recapitalization and expansion of the 12th Avenue Marketplace Project located along the Pike-Pine Corridor of Capitol Hill. Led by Dunn & Hobbes, a best-in-class local developer with a proven track record of creative, preservation-focused, place-making projects in the Capitol Hill neighborhood, the opportunity combined the recapitalization of approximately 70,000 square feet of existing retail, office and residential space with approximately 38,000 square feet of newly constructed office, ground-floor retail and penthouse residential units. The Design Team is a collaboration between Graham Baba and Sundberg Kennedy Ly-Au Young and the contractor is MRJ Constructors. Heartland is acting as an asset manager and resource to the development team, adding value through our in-depth understanding of local zoning, market dynamics, and project financing. Heartland successfully recapitalized the ~$11.6 million project, including over $5.6 million in HIO equity.
Source: Daily Journal of Commerce