$67M Construction Loan Earmarked for NoMa Apartments in DC
Monument Realty has secured a $67 million construction loan to begin work on 40 Patterson Street, a planned 14-story multifamily project in Washington’s NoMa neighborhood, according to the D.C. developer.
Bank OZK (OZK) supplied the loan for the 321-unit property. No other details about the loan were provided.
KGD Architecture is designing the project, while Donohoe Construction Company is the general contractor.
“We are very pleased to be doing our first loan with Bank OZK and to be reuniting with Donohoe,” Michael Darby, Monument’s founder, said in a release. “We have a very experienced team executing this project, which will ensure that we produce a very high-quality building on schedule.”
Monument originally acquired the land for the project in December 2018 in a $12.5 million deal.
The property will consist of a mix of studio, one- and two-bedroom units, and feature an infinity-edge rooftop pool, heated outdoor terrace, a penthouse clubhouse and multiple courtyards. It will also offer a fitness center, work areas and a garage with an e-scooter station.
“We originally intended to break ground in March, but decided to wait until we had a clearer picture of the future,” Darby said. “The D.C. residential market in relation to new construction has remained strong, especially in the NoMa area, and we feel that with a two-year construction period, we will deliver a forward-thinking residential project into a fully recovered market.”
The 40 Patterson Street building is located near the intersection of Patterson and North Capitol streets, two blocks from the NoMa Metro station.
The property is scheduled to be completed in fall 2022.
Additionally, Monument won the rights last year from the government to develop the adjacent 2 Patterson Street NE land into a 13-story, 577-unit building, 36 percent of which will be designated affordable. Plans for this project are currently on hold.