WASHINGTON, DC – OZK Bank has provided $ 174 million in financing for the construction of Upton Place in Wisconsin, a planned mixed-use development in Washington, DC that will include 689 multi-family units and 100,000 square feet of retail space. Eastdil Secured arranged the loan.
The borrowers and developers, Apartment Investment Management Co. (Aimco) and The Donohoe Cos. Inc., plan to inaugurate the land in early 2021 and deliver the project in 2024. Donohoe originally developed the site, located at 4000 Wisconsin Ave., in 1987 as the headquarters of Fannie Mae. The site has been vacant since Fannie Mae consolidated its headquarters in downtown DC in 2014.
Upton Place in Wisconsin will consist of a six- and eight-story building. The multi-family portion should include 65 affordable housing units. SK + I Architecture designed Upton Place to include most of the 825 existing underground parking spaces. Common amenities will include a rooftop swimming pool, three indoor courtyards, barbecue areas, a fitness center, and a yoga studio.