WASHINGTON, DC—Prudential Mortgage Capital Co. has secured $115.8 million in permanent financing from Freddie Mac on behalf of an affiliate of The Morris and Gwendolyn Cafritz Foundation for the development of a mixed-use, affordable housing project at Fort Totten.
The name of the project is Art Place at Fort Totten. It will be a 520-unit mixed-income project with accompanying commercial and retail uses that total 103,502 square feet.
It is the first phase of a three-phase development that will be located adjacent to the Fort Totten Metro Station. The completed project will also have a fitness center, restaurant, children's museum and a community center for the arts.
Of the 520 residential units, 121 will be designated affordable, with long-term income and rent restrictions. The remaining units will be market-rate.
This part of the District has seen significant activity. Last year the JBG Cos. and Lowe Enterprises broke ground on their Fort Totten Square project, which will offer 345 apartments, 130,000 square feet of retail and street-level convenience stores.
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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.
