Carr Properties has received $92 million in construction financing for the realisation of a 299-unit Class A multi-family complex in central Washington, D.C. The financing was primarily provided by PNC Bank, with United Bank participating as an additional partner in the transaction.
The loan structure includes a five-year term and a 20-year tax abatement. The financing was arranged by Brian Gould and Pat Cunningham of Berkadia. This underscores the continued appeal and confidence in the housing market of the US capital.
Location and Market Conditions
Brian Gould of Berkadia described the development as “a particularly compelling financing opportunity”. He referred to Carr Properties' proven development expertise and the stable demand for rental flats in the affluent D.C. neighbourhood of Foggy Bottom and from the nearby George Washington University. The combination of an experienced developer and solid market demand formed a strong basis for the successful loan approval.
Gould added that the 20-year tax abatement further strengthens the project's economic viability. The successful provision of the $92 million construction loan reflects the lenders' confidence in both the sponsor and the long-term demand for new housing in Foggy Bottom.
Project Features and Schedule
The apartment complex is located at 2121 Virginia Avenue and will include approximately 16,000 square feet (around 1,486 square metres) of communal areas in addition to the residential units. These amenities are tailored to a discerning clientele and are intended to enhance residential comfort.
- —An indoor swimming pool
- —A clubroom
- —A fitness centre
- —Co-working spaces
- —A library
- —A games room and outdoor courtyards
Construction on the project is scheduled to begin this month. The first residential units are expected to come onto the market from 2028, signalling a detailed and long-term oriented schedule for the completion and marketing of the property.
