Parkview Financial Provides $7M Construction Loan for DC Apartments
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.
“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 an eclectic mix of nearby residential and commercial properties, including numerous restaurants and bars, small locally owned shops, and supporting commercial and civic uses.
“The area is also near a number of government offices, schools and transit which make it a great workforce housing target,” Rahimian said.