Only 10 real estate developments were selected as winners of this year’s Global Awards for Excellence from Urban Land Institute (ULI), and one notable apartment development in Washington, D.C. was able to make the list. Along with winners hailing from Asia and Europe, City Market at O won the prestigious award for its impact on the Shaw community, which has included increasing property values by more than 500 percent.
Douglas Development Secures $93.5M Loan for Mixed-Use Development in D.C.
Douglas Development Corp. (DDC) has secured $93.5 million in construction financing for Uline, DDC’s mixed-use development in Washington, D.C. The development will be located at 1140 3rd St. N.E. directly across from the NoMa-Gallaudet U Metro station. Upon completion in the fall of 2016, Uline will feature 174,000 square feet of loft office space with rooftop decks and 70,000 square feet of retail space, including a 51,000-square-foot REI.
Douglas Development secures Uline construction financing (Video)
Douglas Development Corporation, which began work to reshape D.C.’s historic Uline Arena this spring, has secured a total of $94 million in construction financing for the mixed-use project.
That will cover about 75 percent of the project’s expected cost. Douglas Development is covering the rest.
Natixis Real Estate Capital has provided a $75.5 million construction loan. EB5 Capital is providing $18 million in preferred equity.
Douglas Development Takes $75M Loan from Natixis for Historic D.C. Conversion Project
Douglas Development Corporation received a $75.5 million construction loan from Natixis Real Estate Capital for the redevelopment of Washington, D.C.’s Washington Coliseum, Commercial Observer has learned.
The financing will be used to fund about 67 percent of the Uline Arena redevelopment project in D.C.’s NoMa neighborhood. The Natixis loan features a three-year term with two one-year extension options.
A look inside Douglas Development’s work to reshape a D.C. icon
The Uline Arena’s days hosting inaugural balls, rock concerts, circuses and sporting events are long gone, but a new chapter is now being written inside the cavernous structure by Third and M streets NE less than a block from the NoMa-Gallaudet U Metro station.
Construction is well underway at what was formally known as the M.J. Uline Ice Company and Arena, which is now enclosed by construction fences. By day, it serves as a hive for dump trucks and work crews gutting the interior of one of the most storied venues in local and national history.