910 Euclid St NW
Evergreen is providing second lien financing to acquire and develop a prime, centrally located parcel at 910 Euclid Street NW, Washington,DC. The site is currently a vacant parking lot. Upon completion, the project will consist of a 4-story residential rental building with approximately 9,600 SF of interior space. The project is located in the desirable Columbia Heights submarket. The surrounding neighborhood is populated by middle and upper-income residents, with many successful retail and dining options in close proximity. The highly walkable location boasts easy access to Metro (U Street, Shaw, and Columbia heights stations) as well as other public transit options. Upon completion, the project will yield 4 market-rate co-living units for a total of 24 bedrooms as well as green areas at the ground floor and rooftop. The project will be managed and operated by Common, the premier co-living operator in the market. The project is a matter-of-right development which requires no rezoning. The development team leading the project is highly experienced and is currently in the process of developing two other co-living buildings (2106 Vermont Avenue, NW and 3431 13th Street, NW), each less than a mile away from the 901 Euclid site. This loan is personally guaranteed by the Sponsor.