$49M Construction Loan Closes for New Condo Project

WASHINGTON, DC-Plans for the development of a 190-unit luxury condominium property at 910 M St. continue to move forward now that construction financing has been put in place for the project. New York-headquartered Hypo Real Estate Capital Corp. closed on a $49-million loan for the facility, which is being developed by a joint venture involving the Carlyle Group and Faison Enterprises. The partnership, known as CF 910 M LP, is receiving the funds through Hypo’s parent company Hypo Real Estate Bank International.

The upscale multifamily development at 910 M St. will occupy a parcel just blocks from the Washington Navy Yard and the Anacostia River in the city’s East End area. Earlier this year, in an effort to facilitate the condominium’s development, the District Board of Zoning signed off on zoning changes for the parcel, including zoning relief for roof structures, and variances for court, lot occupancy, bay projections, rear yard and lot line.