WASHINGTON, D.C. — Locally based Carr Properties is redeveloping a vacant office building at 2121 Virginia Ave. in Washington, D.C.’s Foggy Bottom neighborhood. Berkadia has arranged a $92 million construction loan through PNC Bank. Carr paid $23.5 million for the property in November 2025. The project was awarded a 20-year property tax abatement through D.C.’s Housing in Downtown program, an incentive aimed at encouraging commercial-to-residential conversions. Carr plans 30 affordable units as part of the roughly 300-unit project. Rent restrictions have not officially been disclosed, but they are expected to be approximately 60 percent of area median income.
Located at 2121 Virginia Ave. NW, the development will feature approximately 16,000 square feet of amenities, including a pool, lounge and club room overlooking the National Mall. Additional features include a fitness and wellness center with a sauna, coworking and private meeting spaces, a library, game room and outdoor courtyards. Demolition is underway, with completion of the first units slated for early 2028.
Brian Gould and Pat Cunningham from the Berkadia DC Metro team led the financing effort. Brian Crivella, Patrick McGlohn, Yalda Ghamarian, Bill Gribbin and Natalie Hershey also worked with the deal team.