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WASHINGTON, DC-Mezzanine financing for the construction of a condominium property at 2501 Pennsylvania Ave. NW has closed. The condominium at 2501 Pennsylvania will feature ground-level retail and two-levels of underground parking for tenants.

GoldenTree InSite Partners supplied the mezzanine financing portion of the construction funding, BB&T served as the senior underwriter, and borrower Intrepid Real Estate LLC provided the equity above that, leaving the project fully capitalized. The total construction cost for the 18-unit property is $36 million.

The condo is located in an area just outside of Georgetown. It is sited on a spot that is across from the former Columbia Women's Hospital, which is now home to a condominium building that also features a Trader Joe's. "Although the DC area has seen considerable growth in condo supply in recent years, units catering to the high-end luxury segment of the market are still undersupplied," says Joshua Pristaw, GoldenTree InSite managing director.