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Merchants Capital Secures $110M for DC Workforce Housing Developments
Merchants Capital has secured more than $110 million in total financing for Parkside 8 and Parkside 10, two mixed-use, workforce housing developments located in Ward 7 in Washington, DC. Within the new properties, select units will be reserved for residents earning between 80% and 120% of area median income.
To finance the properties, Merchants Capital secured $56 million of construction loans provided by Merchants Bank of Indiana and $59 million in permanent financing through Freddie Mac Non-Low-Income Housing Tax Credit Forward Commitments and Freddie Mac Permanent Loans.
The projects are being co-developed by City Interests Development Partners and Ravinia Capital Group, which closed on the joint venture equity with the Opportunity Zone strategy managed by Bridge Investment Group.
Upon completion, Parkside 8 and Parkside 10 will feature 230 total residential units and approximately 14,000 square feet of commercial retail space. The properties are part of a larger development known as Parkside.
Photo: Parkside 8
- ◦Development
- ◦Financing
