Helaba finances construction of Italian embassy re-development

Helaba finances construction of Italian embassy re-development

Published at: 2016-10-28 16:11 | Author: CIJ USA
The former Italian Embassy building in D.C. is under redevelopment by Mill Creek Residential. The structure will be preserved and converted into a 134 unit apartment community, named the Italian Embassy Residences. Mill Creek will maintain the Neo-Renaissance architecture of the building and construct an adjacent nine-story high rise with two levels of below grade parking. The existing building will be renovated to contain a number of the community’s townhouse-style residences and community amenities. The firm first acquired the Embassy building in June 2015 for $16.2 million.

Mill Creek’s designs for redevelopment are set to comply with the guidelines set forth by the Historic Preservation Review Board. The original Embassy building was completed in 1925 and designed by Whitney Wetmore and Charles D. Warren, who are also credited with the design of Grand Central Terminal in New York. The Embassy building served as the diplomatic mission of the Italian Republic to the United States until 2002, when a new chancery was developed.

“The Italian Embassy will blend the history of this irreplaceable piece of architecture with an elevated distinction of prestige for our residents,” said Joe Muffler, development associate for Mill Creek. The project is being financed by an investment from Rockwood Capital, a privately held real estate investment firm with $9.3 billion in real estate assets under management. Helaba Bank is providing the construction financing for the project.

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