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.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
