Real Estate
Home›Real Estate›Residential›Kennedy Wilson secures $175M construction loan for DC…
Kennedy Wilson secures $175M construction loan for DC multifamily project
The 14-story development at 1999 Eye Street NW will add 340 market-rate homes plus 50 student housing beds and 44 affordable units.
Kennedy Wilson has closed a $175 million senior construction mortgage to finance the ground-up development of 1999 Eye Street NW, a 434-unit multifamily community in downtown Washington, D.C., according to ConnectCRE.
The project is sponsored by a joint venture between Stonebridge, The Bernstein Companies, and Criterion Real Estate Capital, with a separate account advised by MetLife Investment Management serving as an institutional equity partner.
ConnectCRE reports the building will include 340 market-rate residences, 50 student housing units totaling 200 beds, and 44 affordable units, along with about 15,600 square feet of ground-floor retail space and 189 residential parking spaces.
The property is located near major employment and institutional anchors, including the World Bank, International Monetary Fund, and George Washington University, and Craig Lockard, managing director in Kennedy Wilson’s Debt Investment Group, said the firm is partnering with the sponsors and MetLife Investment Management to support the development.