$35M Financing Package Put in Place for New Condos

Located at 1117 10th St., Quincy Court is another piece in what has shaped up to be, so far, a two-property puzzle but together by Carr Enterprises. The 11-story condominium tower--which will also boast about 8,700 sf of ground-level retail space and underground parking--will join existing sister property Quincy Park Lofts, a neighboring 90-unit condominium property. Corus also facilitated a construction loan for Quincy Park Lofts, a deal that paved the way for smooth and expeditious negotiations for the financing on Quincy Court.

"The combination of the experience of the principals of Carr Enterprises and the success of their Corus-financed condominium project across the street, helped us get comfortable with this transaction very quickly," Corus Bank first vice president David Ploger says. "Corus has been successful in building relationships with high quality developers such as Carr Enterprises mainly due to our ability to be flexible and structure loans that meet the developer's needs." Carr's timing may be perfect, as it is still unclear if last year's eagerness among condominium developers and property converters will result in an over-saturation of product in the District. "2004 will certainly test this market's depth, as supply is surging to match strong demand," Delta Associates' Year-End 2003 Apartment and Condo Market Report concludes of the metropolitan Washington, DC area.