Construction loan company Walsh Construction has secured a $2,931,000 federal construction loan to construct a $1.4 million office building at the former National Guard base at the site of the former U.S. Army Corps of Engineers headquarters in Washington, D.C. The construction company has obtained a $800,000 loan from the Federal Emergency Management Agency.
Construction loans are typically used to construct the construction of large office projects, but this one is specifically for a small office building.
The federal government owns land in the area and has an obligation to protect the property, which the federal government is not doing.
Walsh Construction said it received the loan through the federal Office of Management and Budget (OMB) and was looking to use the loan to complete the project, which is scheduled to be completed by March 2021.
“We are very excited to have secured the FERC loan,” Walsh Construction President and CEO David Walsh said in a statement.
“The project will create more than 150 construction jobs at the construction site, and will further strengthen our position as one of the top contractors in the nation.
Construction is a critical part of our team’s work in the U.K., and this is a huge step in our efforts to increase our international presence.”
Construction loans typically range from $1,000 to $5,000, depending on the size of the project and the complexity of the job.
Construction loan officials say they hope to use part of the loan for the project itself, and part for the company’s property management company to handle any construction issues.
A spokesman for the U to S Department of Commerce said it was unable to confirm the amount of the financing, but the department did say it was committed to working with Walsh Construction.
Construction Loan Executive Director Scott Bock said the loan would allow the company to begin the construction process on the project before it’s officially sanctioned.
The $1 billion project would add more than 100,000 square feet to the Washington Navy Yard’s office space, and would be located at a time when the military’s footprint in the city is shrinking and as Congress considers new legislation that would allow military installations to become more federal-controlled.
The government agency that oversees the military, which owns the Navy Yard, will likely approve the deal as soon as March.
Walsh’s loan comes after Walsh Construction secured a loan for a $5.7 million renovation of the old Navy Yard headquarters in 2012.
The new building would include office space for senior executives, a convention center, restaurants, and a museum.
Walsh said it planned to make the project complete in 2022.