River Park in Washington, D.C. is a housing cooperative, or co-op, community of townhouses and apartments on 11 park-like acres in southwest Washington, D.C., designed by the renowned mid-century modern architect Charles M. Goodman.
Located one block from the Waterfront Metro Station and the Wharf, River Park is close to all the major highways — 395, 295, Route 1, and the GW Parkways — with easy access to Georgetown and Capitol Hill. River Park is just a short walk to the National Mall, Smithsonian Institution museums, Arena Stage, and Nationals Park.
Monthly member fee includes:
River Park does not maintain a list of units for sale or rent. If you want to access such listings, see a realtor or real estate website.
Buyers must request a copy of the bylaws and member’s manual from their seller.
Please note, all loans to purchase a unit at River Park must be made through a bank that has signed a recognition agreement with River Park. As of January 2017, those banks are listed in alphabetical order below. This list is subject to change without notice. Before prospective buyers begin the financing process they should contact the River Park office at (202) 484-3180.
Phone: (301) 493-8235
Phone: (703) 841-5045
Phone: (571) 265-2730
JPMorgan Chase Bank
Phone: (301) 469-0393
Phone: (703) 326-9711
National Cooperative Bank (NCB)
G. Ryan Greer
Vice President, Loan Officer
1901 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
Office: (202) 349-7455
Office: (202) 349-7455
PHH Mortgage Corporation
Phone: (888) 777-4115
Phone: (301) 656-0705
Chip Dodson, Jr.
Phone: (301) 962-4649
Phone: (202) 271-1833
4849 Wisconsin Avenue, N.W.
Washington, D.C. 20016
Office: (202) 537-3552
In April 2015, River Park’s membership voted in its annual meeting to allow the board to seek financing of $8.6 million for capital improvement projects. The board selected National Cooperative Bank (NCB) as the lender for the underlying mortgage in July 2015.
Q: What are the terms of the loan?
A: The underlying mortgage is a fixed rate loan with a 10-year term and a 15-year amortization schedule. This structure provides the positives of a shorter loan term and a lower fixed term interest rate, 4.11%, and more flexibility for acquiring any future financing. The 10-year term offers a lower interest rate while the longer amortization provides a lower monthly payment.
Q: What will happen at the end of the loan term?
A: A balance of approximately $3.4 million will remain at the end of the 10-year loan term. River Park will have the choice to either save money and pay off the remaining balance or refinance into a new loan. A new mortgage is an option at that point should River Park need financing for additional capital projects. The 10-year term, standard for commercial mortgages, allows River Park flexibility to roll any secondary financing and the balance of the first loan into a single new loan (with a lower interest rate).
Q: What are the monthly loan assessments and how are they paid?
A: Monthly loan assessments vary by unit. For a breakdown, click here to see the monthly loan assessments, as well as the monthly carrying charges, by unit. (The listed payment amounts do not include the $75.00 monthly fee that is charged to members who have a parking space.) Monthly loan assessments, along with the monthly carrying charges, are made through Barkan Management by either check or direct debit.
Q: Can the loan be pre-paid at settlement?
A: No, prepayment is not possible. This is a loan to River Park as a whole and individual units can’t be separated out. As is standard for commercial mortgages, the loan has substantial prepayment penalties.
Q: What will the loan be paying for?
A: The loan was approved by members to pay for replacement of the underground pipes that heat and cool the townhouses, replacement of the high rise roof, replacement of the high rise ventilation fans, replacement of the vertical riser pipes that heat and cool the high rise, repairs and upgrades to the central plant equipment, and replacement of sidewalks and landscaping.
Q: Are other special assessments expected in the next few years?
A: The board has noted that the cost of needed infrastructure projects could exceed the $8.6 million loan. Members would have to approve any additional financing secured by the property. If River Park needs to raise additional capital for infrastructure improvements, the board will evaluate alternatives which could include proposing further borrowing to members or calling a special assessment to fund a capital project. Currently funded projects need to be complete before River Park will need more capital funds.
Most Common Studio Floor Plan
Most Common One-Bedroom Apartment Floor Plan
Most Common Two-Bedroom Apartment Floor Plan
Most Common Three-Story Townhouse Floor Plan
Most Common Four-Story Townhouse Floor Plan
River Park’s southwest location is convenient by car, foot, bike, and Metro. We are close to all major highways - 395, 295, Route 1, and the GW Memorial Parkway - with easy access to Georgetown and Capitol Hill. Within one block you’ll find the Waterfront Metro, Safeway, CVS, an organic cleaner, and Capital Bikeshare. Within just a few more blocks are the Arena Stage, Nationals Park, The Yards Park, Titanic Memorial, a public library, schools, churches, restaurants, parks, the Southwest Heritage Trail, marinas, cruise boats, and water taxis. River Park is also within walking distance to the National Mall, Smithsonian Institution museums, U.S. Capitol, Tidal Basin, and L’Enfant Plaza.
You can access River Park via 4th and N Streets S.W. from the Waterfront Metro or Capital Bikeshare Station.
If you’re driving, it is easiest to find parking on Delaware Avenue.