Dealmaker: Berkadia Arranges $92M for D.C. Multifamily Development

(Rendering courtesy of Berkadia)

Berkadia, Ambler, Pa., secured a $92 million construction loan for the development of a multifamily community in Washington, D.C.

Managing Director Brian Gould and Vice President Pat Cunningham from the Berkadia D.C. Metro team led the financing effort on behalf of Carr Properties, a leading owner and developer of premium quality office and residential properties. Senior Managing Directors Brian Crivella and Patrick McGlohn, Managing Directors Yalda Ghamarian and Bill Gribbin, Associate Director Natalie Hershey contributed to the deal team.

Lender PNC Bank provided the $92 million, five-year construction loan, with United Bank participating in the financing.

Demolition is underway, with construction scheduled to begin this month. The first units are anticipated to be delivered in early 2028.

Located in the Foggy Bottom neighborhood, near the George Washington University, the complex, 2121 Virginia Avenue, will contain 299 units. It will also feature amenities including a lounge and club room overlooking the National Mall.