The 640-unit residential component of one of the NoMa-Union Market neighborhood's most prominent mixed-use developments has secured a new loan nearly three years after it opened.
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The partnership, led by Trammell Crow Co. subsidiary High Street Residential, obtained $186M to refinance its Rigby and Market House buildings, D.C. deed records filed last week show. MetLife Investment Management is the Dallas-based developer's joint venture partner.
Artemis Real Estate Partners provided the loan.
“We’re excited to lend to best-in-class Borrower, MetLife and Trammell Crow, collateralized by a trophy asset in one of the best submarkets in Washington, DC,” Artemis Managing Director Michael Stratton said in a statement to Bisnow. “We look forward to seeing the submarket continue to outperform.”
Trammell Crow declined to comment.
The two multifamily buildings are part of the 830K SF Armature Works development, which also includes the 203-room The Morrow Hotel.
They sit on a site bounded by Florida Avenue, Third and M streets northeast, and the train tracks. It formerly housed the Central Armature Works industrial buildings, which were demolished prior to construction.
The developers left a hole in the project for the District to add a new entrance and walkway to the NoMa Metro station on the opposite side of the tracks, but it has yet to be built.
Trammell Crow partnered with KochSmith Capital and the Central Armature Works ownership family in 2015 to redevelop the electrical repair and supply warehouse. It brought in MetLife as an equity partner at the end of 2019, just as the industrial site was starting to be demolished.
Wells Fargo was the lender on a $166.6M construction loan for the residential portion of Armature Works in February 2020, according to D.C. deed records.
The apartment buildings delivered in the fourth quarter of 2022. The project was designed by Shalom Baranes Associates, and Clark Construction was the general contractor.
The Armature Works development has 60K SF of retail space. Livewell Animal Hospital of NoMa and dog daycare Playful Pack are on the ground floor of Market House. There are also plans for a speakeasy-style bar called Manifest with a 500-person capacity.
A wave of new multifamily construction has delivered in the NoMa-Union Market neighborhood over the past decade, and it has welcomed a host of new restaurants, bars and shops. Apartment rents in the submarket average $2,509, according to the Washington D.C. Economic Partnership’s annual report this year.
Five new residential buildings completed construction in the neighborhood last year, totaling more than 1,600 units, according to the NoMa Business Improvement District. Two multifamily buildings delivered in 2023, and eight were completed in 2022.
The Armature Works project is directly across the street from Foulger Pratt's three-building Press House mixed-use development and a 115-unit affordable housing project that broke ground last year and has a design inspired by New York's Flatiron Building.
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