Strategy
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Creativity
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Technology
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Our Services
Evergreen provided a $1,675,000 loan to refinance and develop a four-unit condo building in Columbia Heights. The property was a rental property that the borrower desired to convert into condos. The property is located between Columbia Heights and Petworth metro stations. The borrower is a DC-based Class A contracting company, with fifteen years of single unit and multifamily residential construction experience.
Washington DC has become a challenging market for developers. The city zoning and inspection rules seem to be ever changing and create many delays in the development process. Although the project was delayed from the original proforma, Evergreen worked to modify the loan terms to provide both additional time and capital to ensure a successful execution for our borrower.
The Evergreen Team has developed a great working relationship with the borrower and looks forward to financing many more of their projects.
What Makes Us Special
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