Monument Realty Lands $67M Construction Loan, Breaks Ground On NoMa Project
After putting a NoMa development on hold when the coronavirus pandemic began, Monument Realty has secured a loan and begun construction.
The developer announced Wednesday it secured a $67M loan from Bank OZK and broke ground on the 321-unit apartment project at 40 Patterson St. NE.
The 14-story project sits near the intersection of Patterson and North Capitol streets, two blocks from the NoMa Metro station. It is slated to deliver in fall 2022.
Monument acquired the land for the project in December 2018 for $12.5M. In July 2019, D.C. awarded it the development rights for the 1-acre site next door at 2 Patterson St. NE, where it plans to build another 577 apartments.
The 40 Patterson project, designed by KGD Architecture, is planned to include amenities such as a rooftop pool and outdoor terrace, a penthouse clubroom, a fitness center, and a multistory lobby with lounges and work areas. Donohoe Construction Co. is the general contractor.
"We originally intended to break ground in March, but decided to wait until we had a clearer picture of the future," Monument founder Michael Darby said in a release. "The D.C. residential market in relation to new construction has remained strong, especially in the NoMa area, and we feel that with a two year construction period we will deliver a forward thinking residential project into a fully recovered market.”
Bank OZK, previously known as Bank of the Ozarks, has been an active lender during the pandemic. Its overall lending for the nine months ending Sept. 30 was 9.2% higher than the same period last year, it said last week in its Q3 earnings release.
“We are also very pleased to be doing our first loan with Bank OZK and to be reuniting with Donohoe," Darby said. "We have a very experienced team executing this project, which will ensure that we produce a very high-quality building on schedule.”