MRP Realty Receives $191.8M in Development Financing for Mixed-Use Project in Washington, D.C.
WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C.
Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces.
The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station.
Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project.
Construction began in February. Phase I is slated for completion in spring 2021.
HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team.
Founded in 2005, MRP Realty is a real estate operating company with offices in the northeastern United States. The company’s combined development assets total more than 25 million square feet, with an additional 10 million square feet under management.
FRP Development is a Maryland-based development company specializing in commercial, mixed-use and industrial real estate. Its sister company is Florida Rock Properties Inc.
— Kristin Hiller