WASHINGTON, DC—PN Hoffman will break ground on its 138-unit condo project in The Yards in the first quarter of 2016. It announced it has closed $20 million in structured development financing for the project, Parcel O-1 at The Yards, in the Capitol Riverfront/Navy Yard district.
The financing was provided by Grosvenor Americas' Structured Development Financing program.
Parcel O-1 will also have 12,000 square feet of ground floor retail and below-grade parking. Delivery is set for of the first quarter of 2018.
Grosvenor has expanded its Structured Development Financing program over the years to provide developers with financing in all of the key markets in which it is active. The loans, which the company describes as "flexible debt" are positioned as an alternative to traditional construction financing, Scott Brody, senior vice president of Grosvenor Americas, says in a prepared statement.
Parcel O-1 at The Yards is designed by Handel Architects and WDG. It is located across the street from the Harris Teeter grocery store and VIDA Fitness Center, fronting Tingey Street between 4th and 5th Streets SE adjacent to the Navy Yard.
Another housing component of The Yards will be under construction at the same time as Parcel 0-1: Forest City Washington's interconnected two-tower, 190-unit mixed-use apartment building on the southern portion of the block.
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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.
