WASHINGTON, DC—MRP Realty and FloridaRock Properties have secured a $65 millionconstruction loan provided by First Niagara'sCommercial Real Estate Group for the development of amixed-used residential building on the AnacostiaWaterfront. Yvonne Ulrich, vice presidentof the Plymouth Meeting, PA-based lending group, managed thetransaction for First Niagara.


The 305-unit project, which will have ground floor retail andunderground parking, is expected to deliver in September 2016.Called The Riverfront, the project is locatedalong the Anacostia Waterfront, across the street from NationalsPark and within two blocks of the U.S. Department of Transportationand the Navy Yard.


It is one of many projects underway or proposed for this DCsubmarket. Last month Cohen Siegel Investors submitted plans to the District's ZoningCommission for the first phase of its plannedmultifamily development in the Capitol Riverfront BusinessDistrict, to cite one example.


To cite another: earlier this year the development group headedby Bethesda's Englewood LLC reached an agreement with Hilton Worldwide to build anew 195-room Homewood Suites at its property at 50 M St. SE.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.