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Citizens Arranges Debt Financing for a $142.5MM Loan to Redbrick LMD

November 02, 2022, 07:36 AM
Filed Under: Real Estate

Redbrick LMD secured a $142.5 million loan to finance the construction of The Douglass, a 750-unit residential building at the Bridge District that includes approximately 40,000 square feet of retail and 80 affordable units. The Bridge District is a sustainable, wellness-focused neighborhood that will bring new options for living, dining, and entertainment, as well as jobs and growth opportunities for local businesses and community members in Ward 8. Citizens Bank arranged the debt financing for the project.

“This construction loan from our partners at Citizens during a challenging economic environment represents a significant vote of confidence in the future of the Bridge District. The Douglass will offer premier work-from-home residences with sweeping views of the Washington skyline and a proximity to nature that comes from a riverside location and adjacency to a national park,” said Tom Skinner, Founder and Managing Partner of Redbrick LMD.

With a focus on health and wellness and easy access to services, retail, and amenities, including ground floor retail offerings and underground parking, The Douglass will offer a lifestyle of convenience in an urban environment coupled with nature at the doorstep.

The Douglass’ design pushes the envelope on environmental sustainability by targeting net zero carbon from operations, with the intent of meeting or exceeding International Future Living Institute (IFLI) and LEED Platinum standards. Additionally, approximately 80 of the units are designated affordable, specifically at or below 50% or 60% of MFI depending on the unit (MFI is determined annually by the District of Columbia and is currently $142,300 for a family of four). The first residential units are expected to be delivered in late 2024, with construction completion anticipated in mid-2025.

“The Citizens Commercial Real Estate Finance team is committed to supporting smart, sustainable developments such as The Douglass that provide needed housing for residents in the communities that we serve,” said Zach David, senior vice president, Commercial Real Estate Finance, Citizens.

The financing was completed in collaboration with Brian Gould, a managing director with Chatham Financial in Washington D.C., in his role as debt capital markets advisor to Redbrick. Located at the foot of the new Frederick Douglass Memorial Bridge, the Bridge District encompasses approximately eight acres of land and nearly 2.5 million square feet of matter-of-right, mixed-use density. The Bridge District will be developed into a dynamic and transformative mixed-use neighborhood of multifamily apartments, retail, and offices, representing the future of urban living.

All buildings contemplated at the Bridge District currently target net zero carbon from operations and the highest levels of sustainability achievable for near-term multifamily development in the District.

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