Capital One Provides $132M Construction Loan For MRP's Bryant Street Project
MRP Realty broke ground earlier this year on the first phase of a 1,500-unit Northeast D.C. development, and it has since secured a nine-figure loan for the project's construction.
Capital One provided a $132M construction loan for the Bryant Street project, a redevelopment of the Rhode Island Avenue Shopping Center, property records show.
HFF announced Tuesday its debt and equity placement team, which includes Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod, arranged the loan. The team also arranged a $59.8M equity investment from FRP Development Corp., which MRP announced in January.
The 13-acre project sits near the Rhode Island Avenue Metro station and along the Metropolitan Branch Trail, a cycling and pedestrian path that MRP is helping improve as part of the project. The site is in Northeast D.C.'s Edgewood neighborhood, near other growing neighborhoods such as Eckington, Brentwood and Brookland.
The first phase of the project is expected to deliver in spring 2021 with three mid-rise buildings totaling 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and 38K SF of additional retail. The full development is planned to include 1,500 units, 250K SF of retail and 1.5 acres of green space.
"Eckington and the surrounding communities near Bryant Street have a rich history, and we hope we can build on the great offerings that already exist," MRP principal John Begert said in a release. "We are very excited to have the financing in place to bring this multi-modal neighborhood to life."