MRP Realty JV Lands $43M Loan for Transit-Oriented DC Project
- Nov 29, 2019
The joint venture between MRP Realty, May Riegler Properties and Kruger Real Estate has received $43.2 million in financing for the construction of 41 L Street SE, a 161-unit, transit-oriented development in Washington, D.C. Working on behalf of the borrowers, Columbia National Real Estate Finance arranged the 10-year, fixed-rate loan with Western & Southern Life Insurance Co. The developers intend to break ground on the $67.5 million project by the end of the year.
Located in the Capitol Riverfront neighborhood, the development site is 3.5 miles southeast of downtown D.C. The property will be three blocks south of Interstate 695 and two blocks west of the Navy Yard-Ballpark metro station. With expected completion in the fourth quarter of 2021, 41 L Street SE is slated to include 161 dwelling units, 3,500 square feet of ground-floor retail and 59 underground parking spaces.
Initially known as Navy Yard Chill, 41 L Street SE began to take shape in 2015, when the Washington Metropolitan Area Transit Authority agreed to sell its 14,100-square-foot Navy Yard chiller plant site to MRP Realty and CAS Riegler Cos., a company that later reconstituted itself as May Riegler Properties. However, the transaction only closed in September 2019, when the site changed hands for $10.2 million, according to public records.
MRP Realty has other large projects underway in D.C. The company teamed up with FRP Development Corp. for the redevelopment of the Rhode Island Avenue Shopping Center. The 13-acre project received $192 million in financing in May.