$17M in Financing Aimed at Phase Two of Grimke School Transformation
By Keith Loria May 31, 2023 3:53 pm
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Community Three Development has received $17 million in financing for the next phase of its redevelopment of the historic Grimke School in Washington, D.C.
Clearwater Capital Management arranged the dual-tranche construction financing. The deal included a senior loan from City First Bank and a C-PACE financing facility from Stonehill PACE, according to a statement.
The money will go toward The Thread, located just off U Street at 1966 9½ Street NW, southwest of Howard University. The Thread will feature a mix of artist live-work units, ranging from junior one-bedroom to three-bedroom apartments. Construction began this month and is expected to end in October 2024.
U Street is known for its renovated clubs, restaurants and shops and thriving nightlife.
“The revitalization of the Grimke School and the introduction of The Thread will contribute to the cultural and economic growth of the U Street neighborhood, creating a unique place to live, work and learn,” Jonathan Seabolt, managing partner of Clearwater Capital Management, said in a prepared statement.
Located at 1923 Vermont Avenue, the Grimke School was constructed in 1887 as the Phelps School and later renamed for Archibald Grimke, a respected figure in race and community relations.
The building had previously served as offices for government agencies before falling into disrepair. In 2019, Community Three Development broke ground on the 9½ Street Initiative, which included the Grimke School and adjacent parcels, initiating the ambitious redevelopment project.
The first phase of the redevelopment was completed in July 2021 and currently serves as the permanent home for the African American Civil War Museum and the international headquarters for Torti Gallas + Partners, an architecture and design firm.
Additionally, Community Three Development delivered The Fold, a 30-unit condominium building adjacent to the Grimke School.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
