Bank OZK Provides $367M Loan for Buzzard Point Development in DC
A new mixed-use project will bring three towers and more than 2,000 apartments to Washington, D.C.
A joint venture between Akridge, National Real Estate Advisors, Blue Coast Capital and Bridge Investment Group has secured $367 million in construction financing to develop Phase 1 of The Stacks in Buzzard Point.
At full build-out, the 2 million-square-foot development will feature more than 2,000 residential units, approximately 80,000 square feet of retail space, more than 15,000 square feet of public park and gathering space on V Street, up to two hotels and a variety of creative working and residential spaces.
Bank OZK is providing the construction loan.
“Akridge, National Real Estate Advisors, Bridge and Blue Coast Capital provide the perfect partnership to deliver a successful project in the evolving Buzzard Point submarket, and market conditions are very favorable for delivery of this marquee asset,” David Sarner, an executive vice president of originations of Bank OZK, told Commercial Observer. “This project will ultimately become one of the premier residential properties in the D.C. area.”
Gensler, Morris Adjmi Architects, Eric Colbert & Associates, Handel Architects, West 8 and Lee and Associates are all involved in the design of the first phase of the pedestrian-oriented development, which is located in the waterfront neighborhood between The Wharf and The Yards.
“The Stacks’ walkable, community-centric design will take the unique and evolving character of Buzzard Point to new heights,” Adam Gooch, a senior vice president at Akridge, said in a prepared statement. “We are eager to begin this development with our new and existing partners, and are confident it will be a true anchor to the Buzzard Point neighborhood.”
Shaun Weinberg, managing director of Cushman & Wakefield, led a team that helped establish the joint venture partnership. The firm’s William Collins, Bindi Shah and Marshall Scallan joined Weinberg in arranging the construction financing.
Requests for comment from the developers and brokers were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.