Natixis Finances $24.0 Million Floating-Rate Pre-Development Loan in Washington DC
Natixis provided a $24.0 million floating-rate, pre-development loan secured by an 11-story office building in the Capital Riverfront neighborhood of Washington, DC to Douglas Development, a repeat Natixis client. Douglas Development intends to transform the existing structure into a luxury rental multifamily property. The asset, located on the Anacostia River, enjoys sweeping views of the river and is steps away from the Washington Nationals Park and the DC United Stadium which is under construction for the local soccer team. Douglas Development is using the loan to pay off the existing debt and to provide additional time to finalize their plans to begin construction in 2017-2018. The planned renovation of the building contemplates approximately 415 rental units, 17,238 square feet of retail and parking.