AECOM, Toll Brothers Secure $130M Loan for DC Project
- Dec 20, 2016
By Bogdan Odagescu, Associate Editor
Washington—Toll Brothers Apartment Living and AECOM Capital recently secured $130 million in financing for Union Place, a 14-story, 525-unit luxury community project in Washington’s NoMa neighborhood. Arranged by Toll Brothers’ in-house finance department, the construction loan closed through the U.S. Bank National Association as administrative agent and The Bank of New York Mellon.
Situated at 200 K St., NE, the community will be located just north of Union Station and within walking distance of the H Street Corridor. Due to its proximity to the city’s largest transport hub, Union Place will offer convenient connections to the larger D.C. area, as well as easy access to a plethora of retail destinations. The property will be neighbored by The Loree Grand at Union Place, a 212-unit multifamily property completed in 2010 and owned by Cohen Siegel Investors.
Toll Brothers Apartment Building will be in charge of property management, marketing and leasing. AECOM Tishman is overseeing construction. Union Place is projected to start leasing in the spring of 2018. When completed, the community will feature roughly 16,000 square feet of retail, a 240-spot below-grade parking garage, club room, fitness center, café, a 11,000-square-foot courtyard and a rooftop pool with infinity edge.
“We are very pleased to be partnering with AECOM on our second major urban project together. The first, The Morgan at Provost Square, a 417-unit, 38-story transit-oriented development in Jersey City, NJ, has been a very successful joint venture,” said Charles Elliott, managing director of Toll Brothers Apartment Living, in prepared remarks.
“We view Union Place and the NoMa neighborhood as one of the most convenient locations in D.C. Its access to transportation and employment is unparalleled, and it offers a vibrant sense of community in which to live, work and play,” he added.
NoMa and its immediate surroundings are, indeed, hot areas at the moment. According to Yardi Matrix data, there are currently 14,142 units in different stages of development within a one-mile radius of AECOM’s Union Place, 3,627 of which are already under construction.
Image courtesy of AECOM