PNC Bank Provides $92M Construction Loan for Luxury D.C. Multifamily

Carr Properties has secured $92 million of construction debt to build a 299-unit Class A multifamily complex in Downtown Washington, D.C., Commercial Observer can first report. 

PNC Bank provided the debt, structured with a five-year term and 20-year tax abatement, with United Bank also participating in the deal. Berkadia’s Brian Gould and Pat Cunningham arranged the financing.  

In a statement, Gould called the development “an especially compelling financing opportunity,” due to the development experience of Carr Properties and rental demand from the affluent D.C. neighborhood of Foggy Bottom and nearby George Washington University. 

“The project’s 20-year tax abatement further strengthens the economics, and the successful execution of a $92 million construction loan reflects lender confidence in both the sponsorship and the long-term demand for new housing in Foggy Bottom,” added Gould. 

Located at 2121 Virginia Avenue, the apartment complex will include approximately 16,000 square feet of amenity space, featuring an indoor pool, a club room, a fitness center, coworking spaces, a library, a game room and outdoor courtyards. 

Construction is expected to begin this month, with the first units going on sale in 2028.

Brian Pascus can be reached at bpascus@commercialobserver.com.