WASHINGTON, DC- Fort Totten North, L.L.C., a joint-venture between affiliates of The JBG Cos., JBG Rosenfeld Retail, and Lowe Enterprises, has secured a $73.6 million construction loan for Fort Totten Square, a mixed use project underway in northeast Washington. The loan was provided by Bank of America as the Administrative Agent and SunTrust. Cassidy Turley's David Webb and Jamie Butler secured the financing. It is their fourth construction financing for the year.
Fort Totten Square will consist of 345 residential units, 10,000 square feet of street-level retail and a 120,000 square foot Walmart. The project is located at the intersection of Riggs Road and South Dakota Avenue, NE.
The funding illustrates the fact that "good money and good lenders are still available for good projects, particularly mixed use and grocery-anchored projects," Webb tells GlobeSt.com. That said, the fact that Walmart is the anchor played a huge role with lenders, he adds. "The area really needed a grocery store and this will provide a huge lift for the neighborhood." In fact, Webb says, "the project will be the start of an exciting new hub in this part of town." The building is designed by Hickok Cole and the project is being developed by the Clark Builders Group. It will deliver in early 2015.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
