WASHINGTON, DC-As we reported last week, JBG Cos. and Walton Street Capital LLC are planning to break ground by the end of this month or in early October on a mixed-use residential/retail project at the former Atlantic Plumbing and Supplies on Eight and V streets.
They are moving forward now that they have secured construction financing of $99.2 million from Capital One. HFF placed the four-year construction loan, which comes with extension options for an additional three years.
Due to deliver in early 2015, the property will consist of 375 residential units and 23,785 square feet of ground-floor retail space in two separate buildings. New York architect Morris Adjmi is the designer.
Earlier this month Chandan Economics reported that construction finance was back, after having increased slightly for the first time since the first quarter of 2008. And although Chandan didn't touch on specific banks in particular, Capital One is a major player already in this space and its recent acquisition of Beech Street Capital will bolster its operations.
The HFF debt placement team for the JBG deal was led by Sue Carras, Walter Coker and Brian Crivella.
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