May 9, 2019 Comments Off on $192M Financing Secured for D.C.’s Bryant Street Development Views: 781 National News, Southeast, Washington, D.C.

$192M Financing Secured for D.C.’s Bryant Street Development

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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.

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