Apartments

• Wall-to-wall windows
• Studio, 1, and 2-bedroom units
• Water and skyline views
• Individually-controlled heating and cooling
• Balconies
• Parquet wood floors
• Trash, recycle, and laundry in building

Townhouses

• Floor-to-ceiling and wall-to-wall windows
• 2, 3, and 4-bedroom homes
• 3 and 4-story homes, including basement
• Barrel-roofed and flat-roofed homes
• Parquet woods floors
• Private patios

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.

River Park is an all-inclusive co-op!

Monthly member fee includes:

• Apartments - all utilities (heating/cooling, electricity, water, trash, local television channels in HD)
• Townhouses - all utilities except electricity (heating/cooling, water, trash, local television channels in HD)
• Property Taxes
• Master Insurance Coverage
• Most in-unit Maintenance
• Grounds Maintenance
• 24/7 Concierge Service

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.

Current List of Lenders:

BB&T
Steven Jacobs
Phone:  (301) 493-8235
Email:  sejacobs@bbandt.com

Bart McKenzie
Phone:  (703) 841-5045

CitiMortgage
Rom Catlett
Phone:  (571) 265-2730
Email:  rom.catlett@citi.com

JPMorgan Chase Bank
Deborah Densford-Sloan
Phone:  (301) 469-0393

Phil Grisdela
Phone:  (703) 326-9711

National Cooperative Bank (NCB)
G. Ryan Greer
Vice President, Loan Officer
1901 Pennsylvania Avenue, N.W.
Suite 300
Washington, D.C.  20006
Office:  (202) 349-7455
Email:  rgreer@ncb.coop

Brittney Malsbury
Office:  (202) 349-7455

PHH Mortgage Corporation
Phone:  (888) 777-4115

PNC Bank
John Asher
Phone:  (301) 656-0705

Chip Dodson, Jr.
Phone:  (301) 962-4649

JeanMarie Pace
Phone:  (202) 271-1833

TD Bank
Mark Richards
4849 Wisconsin Avenue, N.W.
Washington, D.C.  20016
Office:  (202) 537-3552
Email:  mark.richards@td.com

Underlying Mortgage — FAQs

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.