Cushman & Wakefield has arranged a $58.6 million refinancing for The Ellington, a luxury multifamily property located at 1301 U Street NW in Washington, D.C. The asset totals 190 apartment units and includes a significant ground-floor retail component along the U Street Corridor. The new financing recapitalizes a property that has seen notable reinvestment since its last trade.
The loan was secured on behalf of the borrower, an affiliate of Jamestown L.P. Cushman & Wakefield’s Equity, Debt & Structured Finance team, led by John Alascio and Alex Hernandez with support from Marshall Scallan, Meredith Crawford and Will Wohlgemuth, represented the Jamestown affiliate in the transaction. New York Life Investors provided the refinancing, according to Cushman & Wakefield.
The Ellington rises nine stories and offers a mix of one- and two-bedroom apartments. The property is positioned as a luxury multifamily community, and the residential portion is complemented by more than 16,000 square feet of street-level retail space. The combination of residential and retail uses is designed to integrate the property into the surrounding neighborhood and capitalize on the area’s pedestrian traffic and amenity base.
The retail component at The Ellington is currently reported to be 93% leased. Tenants include Street Markets, Roaming Rooster, 354 Restaurant and Eatopia Eatery, reflecting a mix of food, beverage and neighborhood-serving concepts. The high occupancy level in the retail portion supports the asset’s income profile and adds to the overall positioning of the property along U Street.
Since acquiring The Ellington in 2018, Jamestown has invested more than $10.7 million in capital improvements at the property. These capital expenditures indicate an effort to maintain and enhance the building’s competitive standing in a dense, highly trafficked corridor. While specific improvements are not detailed, the investment figure underscores a multi-year upgrade program tied to the current refinancing.
The Ellington is situated in Washington’s U Street Corridor, an area known for its concentration of restaurants, retail offerings and nightlife. The property benefits from walkable access to a broad range of dining and shopping options, which can be an important demand driver for both residents and retailers. Its location within this established urban neighborhood provides visibility and connectivity that likely contribute to the property’s leasing performance.
The refinancing arranged by Cushman & Wakefield, combined with the significant capital invested since 2018 and the strong retail occupancy, positions The Ellington as a stabilized, amenitized multifamily asset in one of Washington, D.C.’s most active mixed-use corridors. The involvement of a large institutional lender and a national capital markets advisory team highlights ongoing activity in the city’s multifamily financing market, particularly for assets that pair residential density with established retail tenancy and a walkable, amenity-rich setting.
