Washington, D.C. Mayor Muriel Bowser recently broke ground on The Geneva, the largest office-to-residential conversion project in the city’s history.
The project, developed by Philadelphia-based developer Post Brothers, will deliver 532 new homes, including 60 permanently affordable units. The Geneva received support from the District’s Housing in Downtown program. Through a $41 million investment, the District estimates that HID will help deliver 6.7 million square feet of new residential use, or 8,400 new housing units.
Located at 1825–1875 Connecticut Avenue NW, the 604,000-square-foot property will be converted into a 15-story, LEED-certified residential building featuring 57,000 square feet of ground-floor commercial space. The project is also backed by a record-setting $465 million in C-PACE financing from Nuveen Green Capital and a $110 million senior loan from Mavik, bringing total project financing to $575 million.
Two additional D.C. commercial-to-residential projects were also conditionally awarded tax abatements, including 2121 Virginia Avenue NW, a redevelopment by Carr Properties, which will deliver 300 homes.
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Ontario Finance Minister Peter Bethlenfalvy told the legislature Thursday that the province’s response to economic uncertainty is to “build, and to build together.” But the Fall Economic Statement he delivered forecasts considerably less building than the government expected just six months ago. Ontario now projects 65,100 housing starts in 2027, down from 70,300 in its...
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Five major Canadian banks are financing a 917-unit rental development in Etobicoke, where construction is now underway on a site previously planned for condominiums. CBRE Capital arranged the conventional, uninsured construction financing for EllisDon Developments and Windsor Private Capital’s two-tower project at 80–90 Fieldway Rd., near Kipling station. The LiUNA Pension Fund is also an...
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Peakhill Capital has launched a $750-million construction lending program for rental housing developments across Canada, with $450 million in loans already closed under the new platform this year. The Toronto-based lender announced Thursday that its Everest program, backed by an initial institutional commitment, will provide CMHC-insured construction loans ranging from $4 million to $200 million....
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