Regions Midatlantic
JV Secures $53M Loan for Washington, D.C. Mixed-Use Development
May 1, 2008

The joint venture of Canyon-Johnson Urban Fund and Donatelli Development has secured a $53 million construction loan with Citi Community Capital for Park Place, a ground-up, transit-oriented development comprised of 161 residential units and town homes, and community-serving retail in the Columbia Heights/Petworth submarket in northwest Washington, D.C. The project is scheduled for completion in July 2009. Twenty percent of the units will be dedicated as affordable units, and all can be delivered profitably either as condominium units or as rental units. In addition, 16,000 square feet of retail space and 187 parking spaces in a secured underground garage will be included. Located above the Georgia Avenue and Petworth Metro Green Line Station, Park Place will connect to the remainder of Washington, D.C.’s subway system.

 
Recent Midatlantic Headlines
Budget to Save Commercial Property Holders $21M in  D.C.
May 16, 2008
Commercial property holders in Washington, D.C. will save $21 million in savings for the year beginning in October following the D.C. Council's  passage of its 2009 budget, Washington Business Journal reported.
Corus, Lehman Bros. Make D.C. Loans
May 15, 2008
Corus Bank closed a $72 million loan to MR BP Office #1 L.L.C. to finance the construction of a nine-story Class A office building located at 55 M Street SE in Washington, D.C.
Philadelphia Taps Hughes for Green Post
May 15, 2008
According to the Philadelphia Inquirer, Mark Hughes will become the city's sustainability director.
Arent Fox to Relocate D.C. Office
May 15, 2008
Arent Fox L.L.P. has announced that it will relocate its Washington, D.C., office to 1000 Connecticut Ave. upon the expiration of its current lease in 2012.
Busy Few Days for ProLogis with Development, Acquisition, Hiring News
May 14, 2008
The week is only half done and already ProLogis has announced plans for a 220,000-square-foot build-to-suit in Hungary, the purchase of 83 acres in Virginia, and the appointment of a new global executive.