Developers Secure $367M Construction Loan To Kick Off 2M SF Buzzard Point Project
A joint venture between four firms has secured the financing it needs to pursue a major new development in Buzzard Point.
Akridge, National Real Estate Advisors and Blue Coast Capital reached a deal to add Bridge Investment Group as a partner, and the joint venture announced Tuesday it will move forward on The Stacks development, thanks to a $367M construction loan from Bank OZK.
The development is planned as a 2M SF mixed-use community featuring over 2,000 residential units and roughly 80K SF of retail space. The team also said the project would include office or coworking space and had the potential for one or two hotels.
The development, sitting just south of Audi Field, is also planned to feature a variety of amenity space, including 15K SF of public parks and gathering space along V Street SW.
Cushman & Wakefield’s D.C. debt and equity team, including Bill Collins, Bindi Shah, Marshall Scallan and Shaun Weinberg, assisted the developers in securing financing.
“These key milestones are the first steps in bringing The Stacks’ vision to life,” said Adam Gooch, senior vice president of Akridge. “We are eager to begin this development with our new and existing partners, and are confident it will be a true anchor to the Buzzard Point neighborhood."
The project's first phase, slated to deliver in 2025, is planned to feature three mixed-use multifamily towers with more than 1,100 apartments, the Washington Business Journal reported.
The Buzzard Point neighborhood, which includes Audi Field and sits less than a mile from Nationals Park, is part of an opportunity zone. The D.C. United soccer stadium that opened in 2018 has helped spur a wave of new development in the area, including the conversions of two former Coast Guard office buildings into apartments.
Bank OZK is no stranger to financing major D.C. developments. It has also bankrolled The Parks at Walter Reed, Upton Place in Tenleytown and the Herald building, according to the Business Journal.