MRP Realty, Barings Obtain $69.4M Construction Loan for Multifamily Development in D.C.
WASHINGTON, D.C. — A joint venture between MRP Realty and Barings has received a $69.4 million construction loan for Phase III of Washington Gateway, a mixed-use development in Washington, D.C.’s NoMa district. Eastdil Secured arranged the loan through Santander Bank. Located at 202 Florida Ave. NE, the third phase will comprise a 16-story high-rise called The 202 that features 254 apartment and 3,800 square feet of retail space. The property will include a mix of studio, one- and two-bedroom apartments with 10-foot ceilings, designer kitchens and high-end finishes. Amenities will include a rooftop clubroom, pet facilities, fitness center, shared workspaces and a direct connection to the Metropolitan Bike Trail. The previous phases of Washington Gateway included Elevation at Washington Gateway that delivered in 2014 and The Burton, which delivered in December 2021 and is currently in lease-up. MRP Realty and Barings plan to break ground on The 202 in August. Bozzuto Management will oversee the leasing and management of the property.