Canyon Johnson and Donatelli secure loan

Real Estate Weekly, May 7, 2008

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.

The development 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, 20% will be dedicated as affordable units.

"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 snior director of acquisitions. "We are confident that this development will bring increased vitality and value to this emerging submarket."