Parkview Financial Gives $7M Apartment Construction Loan in DC
By Keith Loria August 13, 2020 11:05 am
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GA Views Management has received a $7.2 million construction loan from Parkview Financial to complete The Views at Georgia Avenue, a six-story, 20-unit apartment property in Washington’s Park View neighborhood.
Located at 3557 Georgia Avenue NW, the Class A property is currently in the framing stage and is scheduled for completion next summer, according to a Parkview statement.
“This is an urban infill project with strong demand for rental housing demonstrated by local market fundamentals, so we saw this as a solid financing opportunity,” Paul Rahimian, Parkview Financial’s CEO, told Commercial Observer. “The neighborhood has appeal in that it is gentrifying with the establishment of a number of new businesses, housing and community services.”
GA Views Management originally acquired the site in June 2012 for $1.2 million.
When complete, the 23,000-square-foot building will consist of 10 one- and 10 two-bedroom floorplans featuring a rooftop deck and a 600-square-foot patio area. Additionally, there will be a ground floor retail component totaling approximately 3,358 square feet.
The building’s location offers a combination of nearby residential and commercial properties, with numerous restaurants and bars, locally owned stores, and associated commercial and civic uses, per the company’s statement.
“The area is also near a number of government offices, schools and transit which make it a great workforce housing target,” Rahimian said.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
