WASHINGTON, D.C. — Washington, D.C.-based Perseus Realty has partnered with McLean, Va.-based Jefferson Apartment Group (JAG) to develop a mixed-use project at 14th and W streets in Washington, D.C. The 300,000-square-foot project will feature 231 rental apartments, an all-new 44,000-square-foot YMCA facility and more than 10,000 square feet of retail space. The first phrase, including the YMCA facility and initial apartments, will be available in summer 2012, with the project scheduled for completion in fall 2012. The development team plans to begin demolition of existing buildings in early December. The project received equity financing from Rockpoint Group and a $53 million construction loan from Wells Fargo Bank. Hellmuth, Obata & Kassabaum Inc. and Davis Carter Scott Ltd. are providing architectural services; Clark Construction is serving as general contractor for the project.
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