Forest City closes on $46.1 million loan in Washington, D.C.
August 21, 2010 Leave a comment
Forest City Enterprises has closed on a $46.1 million mortgage loan that will allow the company to start building apartments in Washington D.C.
The real estate company said the financing supports the Foundry Lofts, 170 apartments that make up the first portion of a 42-acre project called The Yards. Located in the Capital Riverfront District, the Yards eventually could include nearly 3,000 multifamily homes, 1.8 million square feet of offices, as much as 400,000 square feet of retail, and a 5.5-acre public park.
The Foundry Lofts mortgage is a 41-year loan insured by the U.S. Department of Housing and Urban Development. The financing was possible through a risk-sharing deal between HUD and the District of Columbia Housing Finance Agency. It was funded with $47.7 million in bonds from the New Issue Bond Program, created in 2008 to provide a market for bonds that housing finance agencies use to help fund development.
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