CityInterests Development Partners, a real estate development firm based in Washington, D.C., partnered with Chicago-based Ravinia Capital Group to form a joint venture and land a $50.3 million loan from JLL. The joint venture was represented by Brad A. Molotsky of Duane Morris, based in Philadelphia.
The money will be invested into a 191-unit, market-rate apartment community that will be part of Parkside, a massive master-planned, mixed-use development in northeast Washington, D.C. The location is near the Minnesota Avenue Metro station on the Orange line. Parkside will eventually include apartments, senior housing, townhouses, condos, 850,000 square feet of office space, and 50,000 square feet of retail.
Opportunity Zone designation and financial backing from the Department of Housing and Urban Development helped complete the deal. Other partners in the project include Bank of America CDC, Knutson Cos., K Hovnanian Homes, and the Gilbane Development Co. Construction on the apartment community is expected to start in May.