Regions Midatlantic
May 1, 2008
The joint venture of Canyon-Johnson Urban Fund and Donatelli Development has secured a $53 million construction loan with Citi Community Capital for Park Place, a ground-up, transit-oriented development comprised of 161 residential units and town homes, and community-serving retail in the Columbia Heights/Petworth submarket in northwest Washington, D.C. The project is scheduled for completion in July 2009. Twenty percent of the units will be dedicated as affordable units, and all can be delivered profitably either as condominium units or as rental units. In addition, 16,000 square feet of retail space and 187 parking spaces in a secured underground garage will be included. Located above the Georgia Avenue and Petworth Metro Green Line Station, Park Place will connect to the remainder of Washington, D.C.’s subway system.
The joint venture of Canyon-Johnson Urban Fund and Donatelli Development has secured a $53 million construction loan with Citi Community Capital for Park Place, a ground-up, transit-oriented development comprised of 161 residential units and town homes, and community-serving retail in the Columbia Heights/Petworth submarket in northwest Washington, D.C. The project is scheduled for completion in July 2009. Twenty percent of the units will be dedicated as affordable units, and all can be delivered profitably either as condominium units or as rental units. In addition, 16,000 square feet of retail space and 187 parking spaces in a secured underground garage will be included. Located above the Georgia Avenue and Petworth Metro Green Line Station, Park Place will connect to the remainder of Washington, D.C.’s subway system.
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