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Washington DC & Mid-Atlantic  + DC  + Apartments  |  September 1, 2021
David Cohen
By: David Cohen

Foulger-Pratt to Develop 197-Unit Apartment Property in D.C. Navy Yard

Potomac, MD.-based developer Foulger-Pratt has announced plans to develop a 197-unit apartment community in D.C.’s Navy Yard. The $72-million project is on leased land from a local church, for which the developer will build a new sanctuary on the ground floor of the apartment building.

The transit-oriented development will be a half-mile from both the Navy Yard-Ballpark and Waterfront Metro stations in Southwest Washington, and immediately accessible to I-395, I-695 and I-295. The property will be located at 60 Eye Street, S.W. Construction will begin in October, with initial occupancy in the fall of 2023.

The developer secured a $43.2 million construction loan from Eagle Bank for the project as well as $28.8 million in sponsor and investor equity, including $15.8 million from 456 investors on CrowdStreet.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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