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