Shaw Project Lands $49M In Construction Financing After Court Dismisses Appeal
The developer secured a $35M construction loan from CapitalSource and a $14M mezzanine investment from Aria Development Capital for the 66-unit project at 810 O St. NW. MAC Realty Advisors brokered the deals.
The project, dubbed The Perla, will bring 66 condo units and 6,800 SF of retail to the corner of Ninth and O streets NW, the former site of the Scripture Cathedral Church. Four Points has begun construction with an expected delivery of late 2019.
After receiving Zoning Commission approval in March, the project was appealed in April, making it one of more than a dozen D.C. projects to be brought to court by opponents in recent years. The D.C. Court of Appeals dismissed the case on Nov. 9. The court has also recently dismissed the appeal of a project near Union Market, allowing that 56-unit development to move forward.