Carr Properties Secures Construction Loan for 2121 Virginia Avenue NW

Financing from PNC Bank and United Bank advances Carr’s 299-unit Foggy Bottom residential redevelopment

WASHINGTON, D.C. (September 10, 2026) – Carr Properties (“Carr”), a leading owner, operator and developer of premium quality office and residential properties, today announced it has closed on a $92 million, five-year construction loan for 2121 Virginia Avenue NW, the company’s planned 299-unit residential development in Washington, D.C.’s Foggy Bottom neighborhood. PNC Bank served as the lead lender and administrative agent for the financing. United Bank joined the facility as a lender. Berkadia served as advisor to Carr in arranging the financing.

Securing the construction loan marks a significant milestone for the project. With demolition of the former office building underway since March 2026, vertical construction is expected to begin this month. The new residential community is anticipated to deliver in the second quarter of 2028. 2121 Virginia Avenue NW is participating in the District’s Housing in Downtown program, which provides a 20-year tax abatement for commercial-to-residential conversions or redevelopments.

“2121 Virginia Avenue NW exemplifies Carr’s growth strategy and demonstrates our ability to identify opportunities to develop new housing in the DC region’s most established and well-connected neighborhoods,” said Eric Tracy, Executive Vice President and Chief Financial Officer of Carr Properties. “The closing of this financing reflects the strength of the project, the location, and the fundamentals supporting residential demand in the Foggy Bottom neighborhood.”

“2121 Virginia has a combination of attributes 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 Brian Gould, Managing Director at Berkadia. “The project’s 20-year tax abatement further strengthens the economics, and the successful execution of a $92 million construction loan reflect lender confidence in both the sponsorship and the long-term demand for new housing in Foggy Bottom.”

Located steps from George Washington University, the Kennedy Center, and the State Department, 2121 Virginia Avenue NW will include 299 residences, including 30 designated affordable units. Planned amenities include a rooftop deck and pool with views of the Washington Monument, a fitness center, resident lounges and a courtyard garden. On-site car and bike parking will be available within the existing below-grade garage.

Clark Construction is serving as the general contractor, and Michael Graves Architecture is leading the design, which will reflect the site’s character and historic significance.

The financing was arranged by the Berkadia DC Metro team, led by Managing Director Brian Gould and Vice President Pat Cunningham. Senior Managing Directors Brian Crivella and Patrick McGlohn, Managing Directors Yalda Ghamarian and Bill Gribbin, and Associate Director Natalie Hershey also contributed to the transaction.

2121 Virginia Avenue NW will serve as a showcase for Carr’s residential development capabilities and its focus on creating thoughtfully designed apartment communities in vibrant, accessible urban neighborhoods. The project builds on the company’s growing residential pipeline across the region, including 3033 Wilson in Arlington, Virginia, and Margot in Alexandria, Virginia, and reinforces Carr’s long-term commitment to investing in the Washington, D.C. area.