Berkadia Arranges $92M Construction Financing for 299-Unit Multifamily Development in Washington, D.C.
2121 Virginia Avenue will deliver new housing in the Foggy Bottom neighborhood adjacent to George Washington University
Washington, D.C. – September 14, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today that it secured a $92 million construction loan for the development of 2121 Virginia Avenue, a 299-unit Class-A multifamily community in Washington, D.C.’s highly coveted Foggy Bottom neighborhood.
Managing Director Brian Gould and Vice President Pat Cunningham from the Berkadia DC Metro team led the financing effort on behalf of Carr Properties, a leading owner and developer of premium quality office and residential properties. Senior Managing Directors Brian Crivella and Patrick McGlohn, Managing Directors Yalda Ghamarian and Bill Gribbin, and Associate Director Natalie Hershey contributed to the deal team.
Lender PNC Bank provided the $92 million, five-year construction loan, with United Bank participating in the financing.
“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 Gould. “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.”
Located at 2121 Virginia Avenue NW, the development will feature approximately 16,000 square feet of amenities, including a penthouse pool, lounge and club room overlooking the National Mall; a fitness and wellness center with sauna; coworking and private meeting spaces; a library; game room; and outdoor courtyards. Demolition is underway, with construction expected to begin in September 2026 and first units anticipated in early 2028.
The property is surrounded by approximately 750,000 square feet of retail and dining in Foggy Bottom and West End and is one block from George Washington University. Major nearby employers include the U.S. State Department, World Bank, International Monetary Fund and GW Hospital.
Two blocks from the Foggy Bottom-GWU Metro Station, the property provides access to the Blue, Orange and Silver lines and is within walking distance of Georgetown and Dupont Circle. The site has a Walk Score of 95 and Transit Score of 84.