Urban Investment Partners has landed financing to move forward with a condo project it has planned in NoMa.
HFF worked on behalf of UIP to secure a $35M floating-rate construction loan through a specialty finance company, the brokerage firm announced Thursday.
The developer in June unveiled its plans for the project at 39-41 New York Ave. NE. It sits two blocks from the NoMa Metro station, next to the Hyatt Place Hotel.
The project will replace a low-rise auto repair shop with a 99-unit condo building. UIP, building by-right without needing zoning approvals, plans to break ground early next year and deliver in mid-2020.
NoMa has seen a massive amount of apartment construction in recent years, and developers have begun to make the shift toward for-sale condo projects in the growing neighborhood. The selling out of one recent project, Pullman Place, and now UIP's ability to land construction financing show that strategy is starting to pay off.
UIP General Contracting President Gerard Heiber will speak Feb. 13 at Bisnow's DMV Construction Finance Summit.
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