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$24M Construction Financing Package Is in Place for Condos

WASHINGTON, DC-With the helping hand of Corus Bank, a deal is struck for a $23.5 million financing package to aid the construction of two multifamily endeavors, the 37-unit Lofts 14 II Condominiums and the 20-unit Cooper Lewis Condominiums.

By Barbra Murray | Updated on March 01, 2004

WASHINGTON, DC-Corus Bankshares Inc. subsidiary Corus Bank has wrapped up execution of a deal that provides $23.5 million in construction financing to Mid City Development Co. II, a joint venture involving Metropolis Development Co. and US Property Development Corp. The loan will facilitate the development of the Lofts 14 Two Condominiums and the Cooper Lewis Condominiums.

Located just west of the vibrant Logan Circle neighborhood, the 37-unit Lofts 14 II and the 20-unit Cooper Lewis properties are both upscale projects that entail the redevelopment of existing buildings. Both multifamily destinations are expected to open in 2005.

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