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$53 Million Construction Loan Advances Mixed-Use Project with 161 Residential Units in Washington, D.C

Business Wire, May 1, 2008

Deal Marks CJUF's Third Investment in the Nation's Capital, Totaling Nearly $160 Million in Invested Equity

WASHINGTON, D.C. -- The development partnership of Canyon-Johnson Urban Fund and Donatelli Development has secured a $53 million construction loan with Citi Community Capital for Park Place, a ground-up, transit-oriented development comprised of 161 residential units and town homes, and community-serving retail in the Columbia Heights/Petworth submarket in northwest Washington, D.C. The project, which was awarded through a competitive RFP process, is scheduled for completion in July 2009.

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Park Place will provide quality workforce housing that will be affordable to dual-income families with professionals in core employment sectors such as teaching, nursing, social work and law enforcement. Of the 161 residential units, twenty percent will be dedicated as affordable units, and all can be delivered profitably either as condominium units or as rental units. In addition, 16,000 square feet of retail space and 187 parking spaces in a secured underground garage will be included, furthering the District's plan for revitalization along the entire corridor.

"Park Place is exemplary of the Canyon-Johnson vision to capitalize quality residential and mixed-use projects in our nation's capital," said Quincy Allen, Canyon-Johnson's Senior Director of Acquisitions. "We are confident that this mixed-use development will bring increased vitality and value to this emerging submarket in Washington, D.C."

Located directly above the Georgia Avenue/Petworth Metro Green Line Station, Park Place will connect to the remainder of Washington, D.C.'s elaborate subway system and enable easy transportation to the entire Greater Washington metropolitan area. Residents of Park Place will be able to walk one block to a neighborhood grocery store and enjoy the convenience of over 675,000 square feet of new retail space nearby that is also currently under construction, including the 546,000-square-foot DC USA, the largest retail development in the history of the District of Columbia. The U-Street Corridor's active nightlife and entertainment scene is located just Metro stops from Park Place.

"We are true believers in Washington, D.C. and in this vibrant Columbia Heights/Petworth neighborhood," said Earvin "Magic" Johnson, Canyon-Johnson's Managing Director and chief executive officer of Magic Johnson Enterprises. "At Canyon-Johnson, we are proud to help provide quality housing and retail opportunities to the members of ethnically diverse, urban communities who need it most - young people and the everyday workforce that provides the bulk of essential services for our nation's cities."

Widely recognized as an established "live, work, play" hub, the area is attracting a massive influx of professionals, which has spurred the addition of several brand new restaurants, coffee shops and bars. "The Columbia Heights/Petworth submarket is enjoying an urban renaissance and Park Place will add to the thriving local economy and distinct character of this neighborhood. The leadership of Washington, D.C. has played a vital role in making sure that underutilized sites around transit stops are redeveloped into viable projects," said Allen.

Residences at Park Place are designed to appeal to professionals and couples without children who already live and work in downtown Washington, D.C. and are familiar with the ambience of the Columbia Heights/Petworth neighborhood. Residential units in the seven-story building will average 860 square feet with one or two bedrooms, and will feature hardwood floors, granite kitchen countertops and stainless steel appliances. Park Place will offer many residents dramatic views in three directions. The building will include climate-controlled corridors, a landscaped sunning terrace, state-of-the-art fitness center and club room with television and bar.

"Citi Community Capital is proud of our partnership with Canyon-Johnson. Park Place is the realization of Canyon-Johnson's mission to strengthen urban America, and of our strong commitment to the community and our partners," said Andrew Ditton, Managing Director, Citi Community Capital. "The addition of a mixed-use development right on the Metro is a great example of utilizing local capital and resources to create and maintain a vibrant community in an otherwise underserved area. We continue to provide financing in the places we work and live, and look forward to working with Canyon-Johnson and Donatelli Development again."

Since 2006, Canyon-Johnson and its partners have provided equity for two other high profile developments in Washington, D.C. In one of the largest hotel acquisitions in the District's history, CJUF partnered with Lowe Enterprises to acquire the iconic Hilton Washington hotel near Dupont Circle and engage in a top-to-bottom renovation of the legendary hotel. Canyon-Johnson also partnered with Faison on the development of a transit-oriented residential project next to the Navy Yard Metro station in the Near Southeast submarket, just blocks from the new Washington Nationals Baseball Stadium.

Business Services Industry

$53 Million Construction Loan Advances Mixed-Use Project with 161 Residential Units in Washington, D.C

Business Wire, May 1, 2008

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