MRP Realty, Barings Land $69M to Advance DC Project
Branded as The 202, the third phase of Washington Gateway is scheduled to break ground in August.
A joint venture of MRP Realty and Barings has received $69.4 million in financing for Phase III of Washington Gateway, a 254-unit Class A community, branded as The 202, in Washington, D.C. Eastdil Secured brokered the transaction and secured the loan through Santander Bank NA.
The project, which will also include 3,800 square feet of retail space, is scheduled to break ground in August 2022. Bozzuto Management will oversee the property’s leasing and management.
Upon completion, the 16-story community will comprise a mix of studio, one- and two-bedroom apartments featuring 10-foot ceilings and modern kitchens. Common-area amenities will include a rooftop club room, a fitness center, pet facilities and coworking spaces.
The property will rise at 202 N.E. Florida Ave., in the NoMa neighborhood, next to the Union Market District and less than 2 miles from downtown Washington D.C. Gallaudet University is within walking distance and Howard University is 1.2 miles away. Dining and retail options are available in the immediate area.
The first phase of Washington Gateway included Elevation, completed in 2014, and the second phase brought The Burton, which was delivered in 2021. MRP Realty has developed multiple projects in the D.C. area, the latest being a 430-unit mixed-use community set to rise in the NoMa neighborhood.