Washington, DC. Nixon Peabody proudly represented Eleven Parkside QOZB LLC in securing $50 million of financing for the residential development at Eleven Parkside—the latest addition to Parkside, the 3.1-million-square-foot, transit-oriented, mixed-use development in Northeast Washington, DC.
Eleven Parkside QOZB is a joint venture between CityInterests Development Partners LLC and RSRCG Opportunity Fund LLC, an affiliate of Ravinia Capital Group, LLC. The new building will be located at 800 Kenilworth Terrace NE in Washington, DC.
Eleven Parkside will be a newly constructed 191-unit residential building, a new feature of the developer’s revitalization efforts for the neighborhood. It expands the purpose-built community near the Minnesota Avenue Metro Station, one of the largest transit-oriented Metro sites in the District. Construction of Eleven Parkside is expected to begin immediately.
The transaction closed on Tuesday, April 21, 2020. This construction and permanent financing is provided by Jones Lang LaSalle Multifamily LLC, pursuant to the Federal Housing Administration (FHA) Section 221(d)(4) program. Equity has also been invested to participate in the 2017 Tax Cuts and Jobs Act Opportunity Zone Legislation for tax-advantaged investing.
“Putting this financing in place is truly a credit to all parties involved,” said Susanna Mitchell, a partner with Nixon Peabody’s Affordable Housing and Real Estate practice group in Washington. “Everyone was willing to stay at the table, although virtually, even with circumstances constantly changing amid the turbulent economic situation.”
The developer of Eleven Parkside, CityInterests Development Partners LLC, is a fully integrated real estate development firm, that manages funds on behalf of institutional investors and high-net-worth individuals. Ravinia Capital Group, the managing partner of RSRCG Opportunity Fund LLC, invests in value-add and core-plus office, industrial, residential, and retail real estate within targeted U.S. submarkets.
Peter Farrell, managing partner of CityInterests Development Partners, noted, “To say this is a milestone moment for Parkside and Ward 7 is an understatement. Constructing a new 191-unit workforce housing development to add more housing at Parkside reinforces its stature as a true purpose-built community. And to capitalize this transaction within the current economic environment is unbelievable. I want to thank my partners, especially Ravinia Capital Group, for staying the course with us and recognizing the long-term value of investing in workforce housing and Parkside. More to come from this Partnership, as the future is bright in Ward 7.”
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