WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided $115.8 million in permanent financing through Freddie Mac for Art Place at Fort Totten, a mixed-income and mixed-use development in northeast Washington, D.C. The borrower is an affiliate of The Morris and Gwendolyn Cafritz Foundation, an independently run foundation focusing on providing grants for investments in the Washington, D.C., area. When completed, Art Place at Fort Totten will include 520 rental units and 103,502 square feet of commercial space. It is the first phase of a three-phase development that will be located adjacent to the Fort Totten Metro Station. The completed project will include a fitness center, restaurant, children’s museum and a community center for the arts. Of the 520 residential units, 121 will be designated affordable, with long-term income and rent restrictions. The remaining units will be market-rate. “The scale and design of this property coupled with the longstanding commitment of the borrower to serving Washington, D.C., will make this a dynamic development for the Fort Totten community,” says Alex Viorst, a principal with Prudential Mortgage Capital Co.’s affordable housing business. “When this property is completed, it will bring high-quality market rate and affordable housing to the community, along with …
