Parkview Financial provides $7.2 million construction loan for 20-unit apartment property in Washington D.C.

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The Views at Georgia Avenue
Parkview Financial provided a $7.2 million construction loan to GA Views Management for the completion of The Views at Georgia Avenue in Washington, D.C.

Parkview Financial announced it has provided a $7.2 million construction loan to GA Views Management, LLC for the completion of The Views at Georgia Avenue, a Class A, 20-unit apartment property. Located at 3557 Georgia Avenue NW in the “Park View” neighborhood in the northwestern quadrant of Washington, D.C., the six-story property is currently in the framing stage and will be completed in summer 2021.

The 23,000-square-foot (sf) building will include 10 two-bedroom floor plans ranging between 696 sf and 835 sf, and 10 one-bedroom floor plans ranging between 530 sf to 545 sf with ground floor retail space totaling approximately 3,358 sf. In addition to the retail component, amenities for the residences include storage areas of 442 sf in the basement, a rooftop deck totaling of 964 sf, and patio area totaling 600 sf. Each unit will include hardwood flooring and carpeting, double pane windows, a full kitchen with upgraded appliance package, and in-unit washer/dryer.

“Parkview is pleased to provide construction financing for The Views at Georgia Avenue,” said Paul Rahimian, CEO of Parkview Financial. “Demand for housing in this area is strong and this property will offer high-quality, upgraded rental living in a gentrifying neighborhood.”

The Georgia Avenue NW area features an eclectic mix of residential and commercial properties, including many restaurants and bars, small locally owned shops, and supporting commercial and civic uses. The neighborhood is adjacent to the Petworth and the Columbia Heights neighborhoods and is three miles north of the National Mall in a dense, urban infill area. It will provide convenient public transit for residents linking to the entire D.C. metro area. The commute to the downtown Washington D.C. is a 16-minute drive and 40 minutes via transit.