Located in the trendy Columbia Heights neighborhood of Washington D.C., the Allegro Apartments is the newest and largest multifamily residence in D.C.’s Ward 1. The 297-unit luxury award winning apartment building includes multi-floor loft spaces and innovative common areas.
The Allegro was purchased in a hotly contested foreclosure sale – the second largest foreclosure auction in Washington, D.C. in 2009. With Linowes and Blocher’s assistance, Federal Capital Partners studied for over one year various complex strategies to gain control of the property. Federal Capital Partners successfully acquired the Allegro Apartments from a leading national lender who was the secured lender to the previous owner. Linowes and Blocher attorneys represented Federal Capital Partners in all aspects of the transaction, including the structuring and negotiation of sale and related closing documents, comprehensive due diligence review of the purchase, closing of the transaction on the same day as the foreclosure sale, as well as providing advice on a host of issues relating to foreclosure and bankruptcy matters.
Federal Capital Partners financed its purchase in part with a $35,000,000 loan from PNC Bank.