Archstone Financing Finalized, Construction Started in NoMa
Washington, D.C., July 13, 2010 – Last week Archstone closed on $151 million in financing and began construction on its much-anticipated residential project at First and M Streets, NE. This latest announcement underscores the demand for residential housing in the NoMa (north of Massachusetts Avenue) neighborhood, north of Union Station.
Archstone’s First and M project will deliver 469 apartments in the first phase with a luxurious amenity package, including 421 parking spaces, a rooftop pool, a library, a resident theatre, and a fitness center. Archstone plans to open the first units in mid-2012.
“Archstone is a nationally recognized residential developer, and financing a project of this size sends a clear message about the strength of this submarket,” said NoMa Business Improvement District President Liz Price. “This is the largest residential development to break ground in DC this year.”
CWCapital is providing the construction and permanent financing for Archstone’s First and M project, which is insured under HUD’s Section 220 loan program, for the first phase of the two-phase project. Archstone will hold a ceremonial groundbreaking later in July.
Three additional residential communities have opened in 2010 for NoMa, marking a new era for the growing neighborhood:
- The Washington Center welcomed more than 300 student interns into its six- story student residential and academic facility at 1005 Third Street, NE, in May. The Washington Center is a nonprofit that places students from all over the world in challenging internships in the DC metropolitan area, and the Center built its first permanent housing facility with 340 beds here in NoMa.
- The Loree Grand at Union Place began leasing June 1, and the first residents have already moved in. Located at 250 K Street, NE, the project offers 212 apartments, including 30 units reserved for artist housing. The leasing office is located at Third and K Streets, NE.
- The Flats 130 at Constitution Square is located at First and M Streets, NE; 440 residential apartments will be available in August, ranging from studios to two bedrooms with a den. A leasing office is located at Second and N Streets, NE, steps from the New York Avenue Metro Station’s north entrance.
With commercial leases totaling 600,000 SF for 2010, NoMa continues to grow into a 24-hour neighborhood. Retailers including Harris Teeter, Potbelly Sandwich Shop, TD Bank, Tynan Coffee & Tea and others will open in 2010; CVS will open in early 2011.
About NoMa NoMa is a mixed-use neighborhood north of Massachusetts Avenue and the U.S. Capitol in Washington, D.C. Between 2007-2009, private developers have invested more than $1.5 billion in the 35-block area covered by the NoMa BID, and have plans to develop more than 20 million square feet of office, residential, hotel, and retail space over the next 15 years. More than 5,000 new employees and residents will move into NoMa in 2010. For more information about the BID, including an interactive development map, visit the BID Web site at nomabid.wpengine.com.
About Archstone Archstone is a recognized leader in apartment investment and operations. The company’s portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. Archstone strives to provide great apartments and great service to its customers—backed by service guarantees. As of March 31, 2010, the company owned or had an ownership position in 433 communities located in the United States and Europe, representing 81,354 units, including units under construction. Utilizing this tremendous amount of expertise and institutional knowledge, Archstone now also offers comprehensive advisory services to owners and lenders who want to maximize the value of their assets through Archstone Real Estate Advisory Services.