WASHINGTON, DC – November 15, 2012 – Douglas Development and American National
Insurance Company closed on an $11.925 Million refinancing of the existing mortgage at 722
12th Street, NW. The deal for this new 7-year loan was attained through mortgage broker Steve
Graves of Capital Realty Services, Inc., and was headed by Mason Rollins of American National
Insurance Company.
“We are extremely pleased with our recent refinancing of 722 12th Street, NW. The location and
the strength of the real estate market in DC were all reflected in the favorable terms of this
transaction. Our team did a great job getting this deal completed,” said Douglas Development
Principal Norman Jemal.
With this refinancing through American National Insurance Company, Douglas Development has
expanded beyond traditional commercial lenders, thereby gaining access to additional capital and
more favorable rates. This deal, the first ever between Douglas Development and American
National Insurance Company, brings outside investor money into Washington, DC, contributing
to Douglas Development’s continued mission of adding value to the Washington, DC market.
American National Insurance Company and Douglas Development were eager to partner in this
deal, due to 722 12th Street, NW property’s proximity to Metro Center and the Washington
About Douglas Development
Douglas Development’s commitment to improving neighborhoods and bringing valued brands to
the District is unparalleled. Currently the largest private property owner in the area, Douglas
Development attracts and pursues the most sought after tenants, including luxury retailers and
upscale restaurants. Douglas Development’s properties in the East End of Washington, DC have
served as drivers for the continued growth of the area. Today the East End is known as a
destination for shopping, dining, and luxury condominiums in the District.