{"id":1004095267,"date":"2014-04-23T03:37:52","date_gmt":"2014-04-23T11:37:52","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=256713"},"modified":"2022-12-05T05:30:39","modified_gmt":"2022-12-05T13:30:39","slug":"capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\/","title":{"rendered":"Capitol Real Estate Development Secures $5M Loan for Housing Development in Congress Heights"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">After years of bad luck, a residential project looking to bring condominiums and townhouses to Washington, D.C.\u2019s Congress Heights area is finally getting ready to take off. LYNK Capital, LLC has recently closed a $5 million loan for Woodcrest Holdings, LLC, a subsidiary of Capitol Real Estate Development, LLC, the project\u2019s developer. The loan will be used to finance the construction of Phase 1.<\/p>\n<p style=\"text-align: justify\">The project initially started in 2005. Like many other developments, it was hit hard by the financial crisis and failed a few years later. However, it had the good fortune to be located in Congress Heights. The area has recently been experiencing a development boom thanks to the work the D.C. government is doing to transform the nearby St. Elizabeth\u2019s Campus into an innovation hub, a future home for Microsoft and other companies.<\/p>\n<p style=\"text-align: justify\">Capitol Real Estate Development purchased the project and will now bring it back to life. It consists of 70 condominiums and 24 townhouses.<\/p>\n<p style=\"text-align: justify\">&#8220;We are pleased to hear of this amazing investment in the Congress Heights neighborhood,&#8221; Victor L. Hoskins, D.C.&#8217;s Deputy Mayor for Planning and Economic Development, said in a statement for the press. &#8220;This residential project will complement the city&#8217;s plans for transforming the area into a vibrant and innovative community.&#8221;<\/p>\n<p style=\"text-align: justify\">As part of Phase 1, Capitol Real Estate Development will complete the 26 existing homes with upgraded kitchens and flooring. This part of the project is expected to be completed later this year. Phase 2 calls for the construction of the remaining 68 homes. Depending on size and amenities, the units are expected to sell at prices between $240,000 and $360,000.<\/p>\n<p style=\"text-align: justify\">\u201cWe are very excited to provide a high quality housing option to attract young professionals to the area, who want to live near their work. Since retail follows housing, it seems likely that retailers will begin to take another look at Congress Heights too,\u201d said Mike Hughes, Vice President, Capitol Real Estate Development.<\/p>\n<p style=\"text-align: justify\">\u201cThe renaissance that\u2019s happening in Congress Heights is predicted to have a very positive impact on the community. Housing and retail are key to that growth. We hope that by funding this loan, we will have contributed to that effort,\u201d Ben Lyons, Managing Director of LYNK Capital, added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After years of bad luck, a residential project looking to bring condominiums and townhouses to Washington, D.C.&rsquo;s Congress Heights area is finally getting ready to take off. LYNK Capital, LLC has recently closed a $5 million loan for Woodcrest Holdings, LLC, a subsidiary of Capitol Real Estate Development, LLC, the project&rsquo;s developer. The loan will be used to finance the construction of Phase 1.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[1815],"class_list":["post-1004095267","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Capitol Real Estate Development Secures $5M Loan for Housing Development in Congress Heights - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capitol Real Estate Development Secures $5M Loan for Housing Development in Congress Heights\" \/>\n<meta property=\"og:description\" content=\"After years of bad luck, a residential project looking to bring condominiums and townhouses to Washington, D.C.&rsquo;s Congress Heights area is finally getting ready to take off. LYNK Capital, LLC has recently closed a $5 million loan for Woodcrest Holdings, LLC, a subsidiary of Capitol Real Estate Development, LLC, the project&rsquo;s developer. The loan will be used to finance the construction of Phase 1.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-23T11:37:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T13:30:39+00:00\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Capitol Real Estate Development Secures $5M Loan for Housing Development in Congress Heights\",\"datePublished\":\"2014-04-23T11:37:52+00:00\",\"dateModified\":\"2022-12-05T13:30:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\\\/\"},\"wordCount\":388,\"commentCount\":0,\"keywords\":[\"National\"],\"articleSection\":[\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/capitol-real-estate-development-secures-5m-loan-for-housing-development-in-congress-heights\\\/\",\"name\":\"Capitol Real Estate Development Secures $5M Loan for Housing Development in Congress Heights - 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