WASHINGTON, D.C. — Community Three Development has secured $17 million in construction financing for The Thread, the second phase of a redevelopment project in Washington, D.C. The project involves the conversion of the Grimke School building and surrounding properties into a mixed-use development. Clearwater Capital Management arranged the financing, which includes a senior loan from City First Bank and C-PACE financing facility from Stonehill PACE.
Community Three Development completed the first phase of the redevelopment in July 2021. The property currently includes the African American Civil War Museum, the headquarters for architecture and design firm Torti Gallas + Partners and The Fold, a 30-unit condominium. The second phase of the project includes the development of The Thread, a live-work community which will offer junior one-bedroom to three-bedroom apartments. Construction began in May with completion scheduled for October 2024.