Akridge Secures $367M Refinancing For Major D.C. Mixed-Use Project

Akridge and its partners have successfully refinanced a $367 million construction loan for The Stacks, a massive mixed-use development transforming D.C.’s Capitol Riverfront. The debt was originally held by Bank OZK but has been transitioned to a new lender, TPG Real Estate Credit, which recently completed a significant $2.1 billion fundraising round.

Finding stability for such a large-scale project is significant given the current volatility in commercial real estate lending. The first phase of the development is already well underway, aiming to bring thousands of residential units and a vibrant retail corridor to the area near Audi Field and Nationals Park. This refinancing ensures the project remains on track despite a tightening credit market.

The move underscores a broader trend of private credit firms stepping in to fill the gap as traditional banks pull back from large development footprints. Industry observers will be watching to see if other major D.C. developments follow suit by seeking alternative financing to weather high interest rates and longer construction timelines.

Bisnow first reported on this story.