The developer of the Bridge District near Anacostia has landed a big loan to advance its big project.
Redbrick LMD obtained a $142.5 million construction loan for the first building in the 2.5 million-square-foot project. Bridge District, formerly known as Columbian Quarter, has been in the works for years along the 600 and 700 blocks of Howard Road SE close to the Anacostia Metro station. Called The Douglass, the 740,000-square-foot, 757-unit apartment initial building will mark the first portion of the skyline-changing work east of the Anacostia River.
Brian Gould, a managing director with Chatham Financial, helped arrange the debt financing from Citizens Bank.
Tom Skinner, founder and managing partner of Redbrick LMD, said obtaining financing in a tough economic environment spoke to the project’s viability. Redbrick began pre-development work in May.
