Parkside 8 and Parkside 10, two proposed mixed-use, workforce housing developments located in Ward 7 in Washington, D.C., have secured key financing, according to officials.
Under development by City Interests Development Partners and Ravinia Capital Group, the projects have secured approximately $115 million in financing from Merchants Capital, which has arranged $56 million of construction loans provided by Merchants Bank of Indiana and $59 million in permanent financing through Freddie Mac’s non-low-income housing tax credit forward commitments and permanent loans.
Upon completion, Parkside 8 and Parkside 10 will feature 230 residential units and approximately 14,000 square feet of commercial retail space. The team closed on the joint venture equity with the Opportunity Zone strategy managed by Bridge Investment Group. The new developments are located within the Mayfair/Parkside Opportunity Zone.
Parkside 8 and 10 are part of a larger 3.1-million-square-foot master-planned development known as Parkside. The aggregate Parkside mixed-use development will include between 1,500 and 2,000 residential units, up to 50,000 square feet of retail space, 860,000 square feet of office space, a 1-acre park, and a new pedestrian bridge that crosses over Kenilworth Avenue and I-295, linking the Eastland Gardens, Kenilworth, and Parkside neighborhoods with the Minnesota Avenue Metrorail Station.
Additionally, Parkside offers four neighborhood educational institutions and a primary-care clinic that serves both the developments’ residents and adjacent neighborhoods.
Parkside 8 and 10 will create workforce housing without the need for federal housing tax credit subsidies typically required for affordable developments. Within the new properties, select units will be reserved for residents earning between 80% and 120% of the area median income, according to officials.
