Search
 

$89M Financing Package Paves Way for Retail Project

WASHINGTON, DC-With today's closing of an $89-million construction loan, the 500,000-sf of DC USA shopping center takes another step toward reality. The Target-anchored retail destination will cost an estimated $140 million to complete.

By Barbra Murray | Updated on February 07, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

WASHINGTON, DC-Development of DC USA, a 500,000-sf shopping complex, has taken a big leap forward with today’s scheduled closing of an $89-million construction financing deal. Citicorp is providing the construction loan to project developers Grid Properties and Gotham Organization; the Development Corp. of Columbia Heights is also part of the team behind the endeavor.

The retail site will be anchored by a 173,000-sf Target store and will carry a total development price tag of about $140 million. DC USA will occupy about five acres on 14th Street NW near Park Road in the Columbia Heights neighborhood, which was tapped by the city for revitalization a few years ago.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.