WASHINGTON, DC—Capital One has provided details on how it is financing a $90 million construction loan for a mixed-use project Grosvenor Americas is planning next to the Nationals Park baseball stadium.
The bank plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley, SVPs in Capital One Commercial Real Estate's Washington, DC office, originated the transaction.
Grosvenor Americas unveiled the name of the project earlier this year. It also provided more details about its partners in the project at that time, including Capital One, TD Bank and United Bank's involvement.
In addition, McCaffery Interests is providing project, construction and property management for the residential portion and Clark Enterprises is an equity partner in the residential and retail component.
The community, which will include a 13-story apartment building consisting of 325 units, will total 300,000 square feet. The project will also feature more than 22,000 of retail space. There will also be a 170-room Residence Inn by Marriott.
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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.
