Redbrick LMD has secured a $142.5 million mortgage to finance The Douglass, the primary constructing to be constructed in Washington, D.C.’s Bridge District venture. 

The 750-unit multifamily improvement, positioned at 633 Howard Avenue SE, will function the flagship constructing for the two.5 million-square-foot mixed-use improvement within the District’s Ward 8.

Residents Financial institution organized the venture’s financing, which was accomplished in collaboration with Brian Gould, a managing director with Chatham Monetary. No mortgage particulars past the quantity have been disclosed. 

“This development mortgage from our companions at Residents throughout a difficult financial atmosphere represents a big vote of confidence in the way forward for the Bridge District,” Tom Skinner, founder and managing associate of Redbrick LMD, mentioned in a press release. “The Douglass will provide premier work-from-home residences with sweeping views of the Washington skyline and a proximity to nature that comes from a riverside location and adjacency to a nationwide park.” 

The primary models are projected to be delivered in late 2024, with development scheduled to wrap in mid-2025. The property will embrace 80 reasonably priced models for these incomes 50 or 60 p.c of median household revenue relying on the unit. In D.C. the MFI is at the moment $142,300 for a family of 4. 

Positioned on the foot of the brand new Frederick Douglass Memorial Bridge, the Bridge District connects the Capitol Riverfront neighborhood to the communities south and east of the Anacostia River. 

All buildings within the improvement at the moment goal net-zero carbon from operations and the very best ranges of sustainability achievable for near-term multifamily improvement within the District.    

Keith Loria may be reached at Kloria@commercialobserver.com.