DC Development Gets $192M in Financing
A joint venture of MRP Realty and FRP Development Corp. is building Bryant Street, a 1,500-unit, mixed-use property in the northeast area of the city.
A joint venture of MRP Realty and FRP Development Corp. has secured $191.8 million in joint venture equity and construction financing for Phase I of Bryant Street, a 1,500-unit mixed-use project being developed in Washington, D.C.
An HFF debt and equity placement team of Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod arranged a $59.8 million joint venture equity partnership with FRP Development Corp. on behalf of MRP Realty, as well as $132 million in construction financing through a national bank.
“Bryant Street is the natural progression of the path for growth for D.C. residential projects, which, when coupled with the fact that this site was situated in an opportunity zone, contributed to a terrific response from the capital markets with respect to the project capitalization,” Coker told Multi-Housing News.
Phase I of Bryant Street will include 487 apartment units housed in three mid-rise buildings, an Alamo Drafthouse Cinema and 38,482 square feet of ground-floor retail. Located in the Edgewood neighborhood on Rhode Island Avenue near the intersection of Fourth Street, the development is close to the Rhode Island Metro Station and the Metropolitan Branch Trail, a hike and bike path frequented by commuters. Construction on the LEED-certified project launched in February with Phase I slated for completion in spring 2021.
Bryant Street is a sprawling redevelopment of the Rhode Island Avenue Shopping Center. Rising on 13 acres, the project will include a total of 1,500 residential units, 250,000 square feet of retail, 1.5 acres of green space and up to 2,000 below-grade parking spots for residents and visitors.
The project isn’t the first large-scale multifamily development MRP Realty has been involved in recently. The company is also part of a team along with Ellis Development Group and JBG Smith Properties that is developing The Wren, one of the largest multifamily developments currently rising in the metro D.C. area.