Red Brick LMD secured a $142.5 million loan to finance the construction of The Douglass, a 750-unit residential building in the Bridge District of Washington, DC. The Bridge District includes approximately 40,000 square feet of retail space and 80 affordable units. Citizens Bank arranged debt financing for the project.
“This construction loan from our partners at Citizens in a challenging economic environment represents an important vote of confidence in the future of the Bridge District. The Douglass will provide premier work-from-home residences with unobstructed views of the Washington skyline. and a closeness to nature that comes from a location by a river and close to a national park,” said Tom Skinner, Founder and Managing Partner of Redbrick LMD.
Douglass’ design aims for net-zero carbon operations, aiming to meet or exceed International Future Living Institute (IFLI) and LEED Platinum standards. Additionally, approximately 80 of the units will be designated as affordable, specifically at or below 50% or 60% of the MFI depending on the unit (the 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 at the end of 2024 and construction completion is expected in mid-2025.
“The Citizens Commercial Real Estate Finance team is committed to supporting smart, sustainable developments, such as The Douglass, that provide needed homes for residents of the communities we serve,” Zach David, Senior Vice President of Commercial Real Estate Finance at Citizens, said.
The financing was made in conjunction with Brian Gould, managing director of Chatham Financial in Washington DC, in his role as debt capital markets advisor to Redbrick.