Capital One Bank has closed a $90 million construction loan for Grosvenor Americas’ mixed-use project combining 325 Class A apartments in the Capitol Riverfront District in Washington, D.C., adjacent to Nationals Park baseball stadium. Capital One plans to hold US$50 million of the loan and is syndicating US$20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley, Senior Vice President in Capital One Commercial Real Estate’s Washington, D.C. office, originated the transaction. Subramanian is responsible for Capital One’s commercial real estate activities in the region, including construction loans, term loans, and lines of credit.
Dubbed F1RST for its prime location on 1st Street, the community will total 300,000 square feet. The 13-story apartment building will offer below-grade parking and 32,000 square feet of amenities, including a rooftop swimming pool and resort style hot tub, multiple rooftop seating areas, and outdoor kitchens, a fitness center, lounge, a courtyard garden, pet spa, and concierge services. The project also includes more than 22,000 NRSF of retail space, and the borrowers have executed retail leases with Taylor Gourmet and Chop’t. In addition, 170-room Residence Inn by Marriott will be located on the property.
“The three firms that are behind this project—Grosvenor Americas, Clark Enterprises, and McCaffery Interests—provide an excellent indication of its quality,” Subramanian said. ”It’s been a privilege to work with these firms that continue to shape the course of development in key markets around North America.”
Grosvenor Americas has a portfolio of approximately 1.9 million square feet of office, retail, and hotel space in the Washington, D.C. metropolitan area alone, and has $2.05 billion of assets under management in the United States and Canada. Clark Enterprises, Inc. is the parent holding company of Clark Construction Group, who is building the project.
Capital One Bank’s Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management.