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Merchants Capital secured $110M for Washington, DC Mixed Use Workforce Housing Developments

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

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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