Developer Carr Properties has secured a $92-million construction loan for the construction of a new multifamily residential building in Foggy Bottom, Berkadia announced this week.

The project, planned to replace an office building near the George Washington University campus at 2121 Virginia Avenue, calls for the construction of a nine-story building featuring 299 apartments.

"2121 Virginia has a combination of fundamentals that made this an especially compelling financing opportunity: an exceptional sponsor in Carr Properties and a significant built-in demand base from George Washington University and the surrounding employers,” said Berkadia managing director Brian Gould, who represented Carr Properties alongside Pat Cunningham, Brian Crivella, Patrick McGlohn, Yalda Ghamarian, Bill Gribbin, and Natalie Hershey. “The project’s 20-year tax abatement further strengthens the economics, and the successful execution of a $92 million construction loan reflects lender confidence in both the sponsorship and the long-term demand for new housing in Foggy Bottom.”

PNC Bank provided the loan, with United Bank also participating in the financing.

The project, in addition to housing, will also include 16,000 square feet of amenities, such as a penthouse pool, a club room, a fitness center, coworking space, a library, and outdoor courtyards.

Demolition of the existing building is already underway, and completion is expected in early 2028.

In addition to George Washington University, the site is located near the State Department, the World Bank, the International Monetary Fund, and two blocks from the Foggy Bottom-GWU Metro Station.