321-Unit NoMa Development Secures Financing, Will Deliver in 2022

by UrbanTurf Staff

Rendering of rooftop at 40 Patterson Street NE.

Monument Realty, GPC and Junius Real Estate Partners have closed on a $67 million construction loan with Bank of OZK for 40 Patterson Street, a 321-unit apartment project on the boards for NoMa. 

“We originally intended to break ground in March, but decided to wait until we had a clearer picture of the future," Monument Realty founder Michael Darby said in a release. "The DC residential market in relation to new construction has remained strong, especially in the NoMa area, and we feel that with a 2 year construction period we will deliver a forward thinking residential project into a fully recovered market.” 

Designed by KGD Architects, the 14-story building at 40 Patterson Street NE (map) will have an infinity-edge rooftop pool with a heated terrace, a fitness center, garage parking for cars and bikes and an e-scooter station.

The development team got a raze permit last fall for the single-story building on the site, which previously housed a Unity Health Care clinic. The delivery date for the development is estimated for fall 2022. 

See other articles related to: noma apartments, noma, monument realty, kgd architecture

This article originally published at http://dc.urbanturf.com/articles/blog/321-unit-noma-development-secures-loan-will-deliver-in-2022/17461

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