X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]WASHINGTON, DC-A JV between Canyon-Johnson Urban Fund and Donatelli Development has secured $53 million in construction financing from Citi Community Capital for a residential-retail building in DC’s Petworth submarket. The seven-story building, called Park Place, will include 161 residential units–20% of which will be affordable–and 16,000-sf of retail. The project is scheduled for completion in July 2009.

[IMGCAP(2)]In addition, 187 underground parking spaces will be part of the project. Residential units in the seven-story building will average 860 sf, with one or two bedrooms. The housing can be delivered either as condominium units or as rental units, according to a prepared company statement.

A venture between Canyon Capital Realty Advisors and former L.A. Lakers basketball star Magic Johnson, Canyon-Johnson Urban Fund invests in urban and affordable housing. The firm just closed on the Canyon-Johnson Urban Fund III, a $1 billion fund that should deliver $4 billion in purchasing power. It is the JV’s third fund and tops the combined equity raised in the two predecessor funds, which was $900 million. “We are true believers in Washington, DC and in this vibrant Columbia Heights/Petworth neighborhood,” says Johnson, who is also Canyon-Johnson’s managing director and CEO of Magic Johnson Enterprises.

Torti Gallas and Partners is the architect and project design firm; the project’s general contractor is S.E. Foster, a subsidiary of the Paradigm Cos.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.