$96M Financing Deal Closes for Luxury Condo

WASHINGTON, DC-A luxury condominium property is on target now that a financing deal valued at $96 million has closed. Meridian Capital facilitated the loan for an unnamed borrower, who plans to develop the 372-unit condominium building with an underground parking facility downtown on Massachusetts Ave. off 4th St. The loan will also allow the borrower to acquire the .85-acre parcel on which the luxury multifamily project is to be built.

Condominium properties– new developments, conversions or switches from planned apartment projects–continue to pop-up at a rapid pace around the District despite fears of repercussions from a mushrooming pipeline. But those fears of saturation proved unwarranted in 2004, and developers are hoping the same will be true of 2005.