May 9, 2019
MRP Realty received joint venture equity and construction financing totaling $191.8 million for the development of Phase I of Bryant Street, a mixed-use, transit-oriented development in northeast Washington, D.C. The package included $59.8 million in JV equity partnership with FRP Development Corp. Working on behalf of the new partners, HFF also secured $132 million in construction financing through a national bank.
Phase I will feature three mid-rise buildings comprising 487 multi-housing units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail.
At full build-out, the 13-acre, LEED-certified project will feature 1,500 residential units, 250,000 square feet of retail, 1.5 acres of green space and up to 2,000 below-grade parking spaces for residents and visitors. Construction commenced in February, and Phase I is due for completion in spring 2021.
HFF’s Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod arranged the financing.
For comments, questions or concerns, please contact Dennis Kaiser