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WASHINGTON, DC-Forest City Enterprise closed a $46.1-million, HUD-insured mortgage loan for Foundry Lofts, its 170-unit multifamily apartment building at the Yards, the company’s mixed-use project in southeast DC. The project stalled last year for several reasons, not the least of which was a lack of financing for the construction. 

That Forest City has put together a package now to move forward is a testament to the city’s multifamily market–as well as hope that the southeast submarket will start moving forward. Despite a few high-profile office leases, “People have been sucking wind down there,” Marcus & Millichap’s Stacey Milam, a first vice president of investments and director of the firm’s locally based National Multi-Housing group, tells GlobeSt.com. “But residential in the District is a very strong asset class–both apartments and even, to a certain extent, condos. One way or another, these deals are getting done.” 

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