NRP Group, MHCDO Break Ground on 109-Unit MF Project DC
The NRP Group in partnership with Marshall Heights Community Development Organization (MHCDO) Inc., announced the financial closing and groundbreaking of The Waymark, a 109-unit, mixed-income community in Washington, D.C.’s Ward 7.
Located at 4435 Benning Road NE, the transit-oriented community is just one block from the Benning Road Metro Station and multiple bus lines. The housing development is located one stop away from the Stadium-Armory station, giving residents quick access to the RFK Stadium campus, which is undergoing a transformative $2.7 billion redevelopment that will create approximately 14,000 construction jobs and 2,000 permanent positions, fueling economic growth.
The 109-unit, single-building apartment spans nine floors and features a wide range of amenities. Financial partners for the new development include a mix of public and private institutions, including the DC Department of Housing and Community Development, the DC Housing Finance Agency, and DC Green Bank. Private sector partners include KeyBank as the lender and U.S. Bank as the tax credit investor.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout