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WASHINGTON, DC-Phillips Park, a 16-acre, 46 lot, residential enclave under development in an exclusive part of the District, has refinanced its $13.5-million land loan with a Virginia-based bank. Miami-based Aztec Group secured the financing for the project, which is located on the Southeast quadrant of the intersection of W St., NW and Foxhall Road and abuts a 200-acre national parkland.

Phillips Park is one of the last developable areas in the District that is so close to the White House and Georgetown, Howard Taft, senior managing director of Aztec Group, notes to GlobeSt.com. “That is why the lender was compelled to make the loan even though it is a challenging and highly structured financing.” Charles Penan, director of Aztec Group, also participated in the deal. The lender will also provide construction and permit loans to approved home buyers, Taft adds. Proceeds from the refinancing will be used to develop the remaining 24 estate home lots.

Phillips Park broke ground in 2006 on a parcel of land that was part of the former estate of philanthropists Marjorie and Duncan Phillips. The homes are between 4,500 square feet to 9,000 square feet. The project is being developed by William Pryor and Felipe Paraud of Phillips Park, LLC — a real estate group whose principals are located in Portugal, Washington, DC and Miami. Completed homes are expected to be valued from $3.5 million to over $5 million. The project is still in good financial standing, according to Taft–another reason why the bank was eager to participate in the transaction.

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