KeyBank Provides $30.3 Million Construction Loan for Target-Leased Retail Property in D.C.

by Alex Tostado

Washington, D.C. — KeyBank Real Estate Capital has provided a $30.3 million construction loan for a planned 67,000-square-foot, two-story retail property that will be fully leased to Target upon completion.

The property is situated at 1515 New York Ave. N.E. in Washington, D.C.’s Ivy City neighborhood. Scott Bois and Ashley Reiser of KeyBank arranged the fixed-rate, non-recourse loan with a 20-year amortization schedule. The loan included a credit tenant lease transaction to facilitate the funding. According to Washington Business Journal, the developer, Douglas Development Corp., is planning to open the Target in fall 2020.

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