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

Clark Capital Markets Group orchestrated the construction loan, provided by Union Bank of California and Merrill Lynch, on behalf of borrower and project developer Clark Realty Capital. Presently under development at Galloway and Third Street NE, the multifamily property is designed by the architectural firm of Burt Hill Kosar Rittelmann Associates. The four-story structures that will comprise the apartment community will occupy a parcel for which Clark has secured a ground lease from owner Washington Metropolitan Transit Authority.

"Transit-oriented developments are unique investment opportunities and will act as a catalyst for future economic development at the Fort Totten Metro," Gregory Day, CCMG managing director, says. The Fort Totten project will also feature 5,000 sf of retail offerings, a fitness center, an event room, a swimming pool, as well as a garage and surface parking. The doors of the development are scheduled to open to residents in early 2007.