DC Condo Asset Receives $35M Construction Loan
HFF represented the borrower, a partnership that intends to use the financing for the development of a 99-unit low-rise in the NoMa submarket.
HFF has secured a $35 million loan for the development of Tribeca, a 99-unit condominium property in Washington, D.C. Urban Investment Partners and United NYA are the developers of the 13-story project. Jamie Leachman, Chris Hew, Daniel McIntyre, Jay Graham and Sue Carras were part of the HFF team that represented the borrower and facilitated the floating-rate construction loan through a specialty finance company.
Located at 39-41 New York Ave. NE in the heart of the mixed-use neighborhood of NoMa, the asset will be one and a half blocks from the Gallaudet U Metro Station. Nearby retail options include Trader Joe’s, Harris Teeter, Starbucks and Peet’s Coffee. The building is set to include a mix of one- and two-bedroom apartments as well as three penthouses.
The property is slated to feature a rooftop coworking lounge space, fitness center and roof deck with green areas and views of the Capitol Building, the Capitol Hill neighborhood and the East End. The for-sale residences are due for completion in late 2020.
“This development takes advantage of NoMa’s live-work-play amenities and superior connectivity to the D.C. metro that will attract buyers to a market experiencing an undersupply of for-sale residential units due to its explosive growth over the past eight years,” said Leachman in prepared remarks.
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Image courtesy of HFF