$ 67 million construction loan earmarked for NoMa apartments in DC – Business Watcher
Real estate monument has secured a $ 67 million construction loan to begin work on 40 Patterson Street, a 14-story multi-family project in Washington’s NoMa neighborhood, according to the DC developer.
OZK Bank provided the loan for the 321 unit property. No further details on the loan were provided.
KGD architecture designs the project, while Donohoe Construction Company is the general contractor.
“We are very happy to make our first loan with Bank OZK and to find Donohoe”, Michel darby, the founder of Monument said in a statement. “We have a very experienced team to execute this project, which will ensure that we produce a very high quality building on time. ”
Monument initially acquired the land for the project in December 2018 as part of a $ 12.5 million deal.
The property will consist of a mix of studios, one and two bedroom units and will feature a rooftop infinity pool, heated outdoor patio, penthouse clubhouse and multiple courtyards. It will also offer a fitness center, workspaces and a garage with an electric scooter station.
“We originally intended to innovate in March, but we decided to wait until we had a clearer vision of the future,” said Darby. “The DC residential market relative to new construction has remained strong, particularly in the NoMa area, and we believe that with a two-year construction period, we will deliver a forward-thinking residential project in a fully marketed market. recovered. “
The 40 Patterson Street building is located near the intersection of Patterson Street and North Capitol Street, two blocks from the NoMa subway station.
The property is expected to be completed in fall 2022.
In addition, Monument last year obtained the rights from the government to develop the 2 Patterson Street NE Land in a building with 13 floors and 577 units, 36 percent of which will be designated affordable. Plans for this project are currently on hold.