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WASHINGTON, DC-A financing package totaling approximately $47.5million has closed for the development of a 308-unit apartmentcommunity located adjacent to the Fort Totten Metro. According tothe Washington, DC Marketing Center's 2004/2005 Guide toDevelopment in the District of Columbia, the price tag for theentire project is $58 million.

Clark Capital Markets Group orchestrated the construction loan,provided by Union Bank of California and Merrill Lynch, on behalfof borrower and project developer Clark Realty Capital. Presentlyunder development at Galloway and Third Street NE, the multifamilyproperty is designed by the architectural firm of Burt Hill KosarRittelmann Associates. The four-story structures that will comprisethe apartment community will occupy a parcel for which Clark hassecured a ground lease from owner Washington Metropolitan TransitAuthority.