First Bridge District Building in DC Lands $143M in Construction Financing
By Keith Loria October 28, 2022 12:30 pm
reprints
Redbrick LMD has secured a $142.5 million loan to finance The Douglass, the first building to be constructed in Washington, D.C.’s Bridge District project.
The 750-unit multifamily development, located at 633 Howard Avenue SE, will serve as the flagship building for the 2.5 million-square-foot mixed-use development in the District’s Ward 8.
Citizens Bank arranged the project’s financing, which was completed in collaboration with Brian Gould, a managing director with Chatham Financial. No loan details beyond the amount were disclosed.
“This construction loan from our partners at Citizens during a challenging economic environment represents a significant vote of confidence in the future of the Bridge District,” Tom Skinner, founder and managing partner of Redbrick LMD, said in a statement. “The Douglass will offer premier work-from-home residences with sweeping views of the Washington skyline and a proximity to nature that comes from a riverside location and adjacency to a national park.”
The first units are projected to be delivered in late 2024, with construction scheduled to wrap in mid-2025. The property will include 80 affordable units for those earning 50 or 60 percent of median family income depending on the unit. In D.C. the MFI is currently $142,300 for a household of four.
Located at the foot of the new Frederick Douglass Memorial Bridge, the Bridge District connects the Capitol Riverfront neighborhood to the communities south and east of the Anacostia River.
All buildings in the development currently target net-zero carbon from operations and the highest levels of sustainability achievable for near-term multifamily development in the District.
Keith Loria can be reached at Kloria@commercialobserver.com.
