WASHINGTON, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it secured a $73.6 million construction loan for Fort Totten Square, a future mixed-use project comprised of 345 residential units, a Walmart as well as additional street-level retail. The loan was provided by Bank of America as the Administrative Agent and SunTrust. In their fourth construction financing to close this year, Cassidy Turley’s David Webb, Vice Chairman, and Jamie Butler, Vice President, secured the financing on behalf of Fort Totten North, L.L.C., a joint-venture between affiliates of The JBG Companies, JBG Rosenfeld Retail, and Lowe Enterprises.
Fort Totten Square will feature an array of retail amenities which include a 120,000 square foot urban-format Walmart with a full-service grocery and 10,000 square feet of street-level retail located at the intersection of Riggs Road and South Dakota Avenue, NE. This will bring convenience to the residents of the historic Fort Totten neighborhood who currently travel to neighboring Maryland for the closest grocer and other retail offerings.
Additional amenities include two landscaped courtyards equipped with grilling stations, fire pits, and lounge areas, a two-tiered resort style pool, fitness center, concierge service, club-room with a full-service kitchen, ample bike storage and maintenance workshop on-site. Residents will have access to the nearby Fort Totten Metro station serviced by the Red, Green and Yellow lines. The lobby will have real-time transit displays to keep residents updated on train and bus arrivals as well as the availability of bike share bikes on premises and at the Metro station.
The Hickok Cole designed building is being built by the Clark Builders Group and will deliver in early 2015.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is a private real estate investment firm that develops, owns, and manages office, residential, hotel and retail properties. The company has more than $10 billion in assets under management and development in the Washington, DC metropolitan area. Since 1960, JBG has been active in the communities where it invests, striving to make a positive impact. More information can be found by visiting the company's website: http://www.jbg.com/, or by calling 240.333.3600.
About Lowe Enterprises Real Estate Group
Lowe Enterprises Real Estate Group oversees Lowe's commercial and residential acquisition, development and management activities. The Real Estate Group offers these services to leading domestic and foreign financial institutions, corporate and private owners and government agencies. Lowe’s offers a full range of services including investment, development, construction management, marketing leasing, asset and property management. The Real Estate Group is currently investing in and developing over $3 billion for real estate nationwide. For more information, visit http://www.loweenterprises.com/, or call 310.820.6661.
About JBG Rosenfeld Retail
Based in Chevy Chase, Maryland, JBG Rosenfeld Retail is a leading retail and mixed use developer which owns, manages, leases or is currently developing more than six million square feet of properties in the Mid- Atlantic region. Since its inception in 1995, it has developed a blue-chip portfolio of mixed-use developments, shopping centers and freestanding retail properties. The company’s success is a direct result of its attention to detail, excellence in execution, and an in-depth knowledge of its markets and product types. For more information on the full scope of the company’s services, call 301.657.0700 or visit http://www.jbgr.com/.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.