Onyx Condo Ready to Break Ground

WASHINGTON, DC-Construction will begin within two weeks on Onyx on First, a 14-story, 266-unit condo on First Street, located one block from the new Nationals baseball stadium.

The project is a joint venture between Faison, a Charlotte, NC-based developer and Canyon Johnson Urban Funds, a Los Angeles-based venture between Canyon Capital Realty Advisors and Magic Johnson. This is Canyon’s first investment in the Washington, DC market. Construction financing is being provided by Citibank Community Development. According to earlier announcements, the senior construction loan for the project is $74 million. According to an earlier comment to GlobeSt.com by Philip W. Norwood, president and CEO of Faison, this project is valued at about $100 million.

Faison senior managing director Donald Deutsch tells GlobeSt.com that Faison has close to 700 units under construction in the DC area, spread across four active projects including Onyx. These include projects at 1010 Massachusetts Ave.; the Whitman; located at Ninth and M, and Ventana, an asset at Ninth and F.