Redbrick LMD has secured a $142.5 million loan to finance construction of a 750-unit multifamily structure, the first building to be constructed in Washington, D.C.’s Bridge District project.
The building at 633 Howard Avenue SE will be the flagship for the 2.5 million-sq. ft. mixed-use development in Ward 8, Commercial Observer (CO) has reported.
Citizens Bank arranged the project’s financing.
“This construction loan from our partners at Citizens during a challenging economic environment represents a significant vote of confidence in the future of the Bridge District,” Tom Skinner, founder and managing partner of Redbrick LMD, said in a statement. “The Douglass will offer 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 national park.”
Construction is expected to continue until Mid-2025. When it is completed, there will be 80 affordable units for those earning 50 or 60 percent of median family income (MFI) depending on the unit. In D.C. the MFI is currently $142,300 for a household of four, CO reported.
All of the development’s buildings target net-zero carbon from operations and the highest levels of sustainability achievable for near-term multifamily development in DC, the published report says..
