Northwestern Mutual Provides Cathedral Commons with $91M in Financing
- Oct 22, 2012
A joint venture between Giant of Maryland and the Bozzuto Group has managed to secure $91 million in construction and permanent financing for Cathedral Commons, a mixed-use development in Northwest Washington, D.C. The Greenbelt, Md.-based Bozzuto Group started work on the project earlier this month.
The four-acre Cathedral Commons development is located at 3336 Wisconsin Ave., N.W., between Macomb Street and Idaho Avenue, bordering the Cathedral Heights and Cleveland Park neighborhoods. The Bozzuto Development Co. is building the $130 million project in a joint venture with Southside Investment Partners and Giant Food of Landover, Md.
Cathedral Commons totals 264,272 square feet. When finished, it will deliver 137 apartments, eight townhomes, 128,000 square feet of retail and more than 500 parking spaces. These will all be centered around a state-of-the-art, 56,000-square-foot Giant supermarket with full-service floral, bakery, meat, seafood and deli departments. Giant Food is the grocery market-share leader across the Washington metropolitan region. H&R Retail is leasing the remaining prime street-front retail space.
The residences of Cathedral Commons are scheduled to deliver in fall 2014. They will feature such high-end amenities as a boutique hotel-style lobby, lounge areas and library, a fitness center, a clubroom with bar, residential courtyards and a rooftop deck.
The project’s general contractor is the Bozzuto Building Co.. The Bozzuto Management Company will manage the apartment homes. Mark Remington and Daniel McIntyre of Holliday Fenoglio Fowler represented the joint venture and worked to secure the 13-year, fixed-rate loan provided by Northwestern Mutual.
“Through Cathedral Commons, we will create in Northwest Washington, D.C., a mixed-use community where residents can enjoy a wealth of conveniences just outside their front door,” said Tom Bozzuto , CEO of The Bozzuto Group. “We are honored to have the opportunity to help bring to fruition a new vision of urban community planning and development to the District of Columbia.”
Photo credits: The Bozzuto Group