Redbrick LMD secured a $142.5 million loan to finance the construction of The Douglass, a 750-unit residential building in the Bridge District of Washington, D.C. The Bridge District includes approximately 40,000 square feet of retail and 80 affordable units. Citizens Bank arranged the debt financing for the project.

“This construction loan from our partners at Citizens during a challenging economic environment represents a significant vote of confidence in the future of the Bridge District. The Douglass will offer premier work-from-home residences with sweeping views of the Washington skyline and a proximity to nature that comes from a riverside location and adjacency to a national park,” Tom Skinner, founder and managing partner of Redbrick LMD, said.

The Douglass’ design targets net zero carbon from operations, with the intent of meeting or exceeding International Future Living Institute (IFLI) and LEED Platinum standards. Additionally, approximately 80 of the units will be designated affordable, specifically at or below 50% or 60% of MFI depending on the unit (MFI is determined annually by the District of Columbia and is currently $142,300 for a family of four). The first residential units are expected to be delivered in late 2024, with construction completion anticipated in mid-2025.

“The Citizens Commercial Real Estate Finance team is committed to supporting smart, sustainable developments, such as The Douglass, that provide needed housing for residents in the communities that we serve,” Zach David, senior vice president of commercial real estate finance at Citizens, said.

The financing was completed in collaboration with Brian Gould, a managing director with Chatham Financial in Washington D.C., in his role as debt capital markets advisor to Redbrick.