DC Community Receives $58M Loan
Citizens Bank arranged the loan for a 295-unit, Class A apartment community located in the Brookland neighborhood, northeast of the city center.
By Beata Lorincz
Brookland Press Apartments in Washington, D.C.
Citizens Commercial Banking—a division of Citizens Bank—has provided a $58 million loan to Jemal’s Channing Place LLC and Douglas Development Corp. for the Brookland Press Apartments, a Class A multifamily community in Washington, D.C. Douglas Development Corp. has been collaborating with Citizens since 2010.
Located at 806 Channing Place NE in the Brookland neighborhood, the building includes 295 studio, one- and two-bedroom apartments and is a five-minute walk from the Rhode Island Ave-Brentwood Metro station, which provides direct access to downtown Washington, D.C.
Brookland Press Apartments
“This deal highlights Citizens’ strong commitment to the Washington, D.C., market and to helping commercial clients reach their potential,” said Tim Leon, Citizens Bank executive vice president of commercial real estate for the Mid-Atlantic and Southeast, in prepared remarks.
The property includes:
- game room
- yoga room
- fitness center
- outdoor pool
- dog run, pet spa and grooming station
- conference room and business center
- café/lounge
- rooftop lounge with grilling stations
Citizens Bank was also part of the team that funded the 66-unit Hillcrest Residences, a recently launched $16 million senior housing community in Pittsburgh.
Image via Google Street View
