Clark Capital Markets Group Closes $47,443,000 Construction Financing for Fort Totten Metro
Duxbury, Ma.—Clark Capital Markets Group (CCMG) closed a $47,443,000 construction loan to finance the development of a to-be-named luxury apartment community at the Fort Totten Metro in Washington, DC. Through an innovative senior/subordinate loan structure negotiated with Union Bank of California and Merrill Lynch, CCMG crafted a financial plan to meet the financial needs of the project while achieving an overall low cost-of capital.
Aventine Fort Totten
Developed by Clark Realty Capital of Bethesda, MD with a ground lease from the Washington Metropolitan Transit Authority (WMATA), these new urban residences serve as the anchor for a comprehensive revitalization plan for the Fort Totten Metro site. With its groundbreaking in March of this year, this project is the first of several developments planned for the Fort Totten neighborhood and also one of the few new rental communities in the pipeline for the District.
"We are pleased that Union Bank of California and Merrill Lynch invested in this exciting new community," said Gregory Day, managing director of CCMG. "Transit-oriented developments are unique investment opportunities and will act as a catalyst for future economic development at the Fort Totten Metro."
Located adjacent to a mass transit hub at the intersection of the red and green lines and well-positioned within major roadways, this 308-unit community will merge the best of urban living and convenience with a peaceful, tree-lined setting that embraces the natural environment.
Features will include balconies and garden-level patios, a lounge with bamboo and slate flooring, and an accent wall with blades of grass graphics provides an artistic touch of nature. This project represents a reinterpretation of Italianate architecture and was inspired by the classic, enduring design of historic train stations across the eastern seaboard.
Among the many amenities planned for this exclusive rental community are a swimming pool, state-of-the-art fitness center, concierge services, and on-site convenience retail.
A vibrant arts cafe planned for the site features high-speed internet connections and outdoor seating to set the ambience for enjoying this unique urban oasis.
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About Clark Capital Markets Group
The Clark Capital Markets Group (CCMG), an affiliate of Clark Realty, provides its investment banking solutions for real estate. The group has closed more than $4 billion in real estate finance in the last four years alone. For more information about the Clark Capital Markets Group, please visit www.clarkrealty.com/insideclark/expertise_capital.stm.