Good news for the Cafritz team. The developers of Art Place at Fort Totten secured a $115.8 million construction loan from Prudential Mortgage Capital Company for the project. The first phase will bring 520 rental units (of which 121 will be below market rate) along with a fitness center, restaurants, and retail to the neighborhood. From Prudential News:

“The scale and design of this property coupled with the longstanding commitment of the borrower to serving Washington, D.C., will make this a dynamic development for the Fort Totten community,” said Alex Viorst, a principal with Prudential Mortgage Capital Company’s affordable housing business. “When this property is completed, it will bring high quality market rate and affordable housing to the community, along with new commercial and retail opportunities for neighborhood residents.”

Added Lata Reddy, vice president of Corporate Social Responsibility at Prudential and president of The Prudential Foundation, “We are pleased to partner with Prudential Mortgage Capital Company on this important investment. For many households, transportation and housing are the two largest expenditures, and this project will lessen both burdens on its residents. Prudential is focused on helping working families provide for their basic needs, so projects like Art Place are a perfect fit.”

“The Foundation is committed to building a strong community for Washington area residents,” said Calvin Cafritz, Chairman of the Board of The Morris and Gwendolyn Cafritz Foundation. “Art Place will be an important catalyst to the Ft. Totten neighborhood creating a new vibrancy with the addition of residential apartments, shopping, restaurants and a new fitness center while providing 121 apartments as affordable with long-term income and rent restrictions.”