MRP Realty Secures $192M for Bryant Street
HFF arranged a $59.8 million joint venture equity partnership with FRP Development Corp. and also secured $132 million through a national bank.
WASHINGTON, DC—Working with HFF, MRP Realty has secured joint venture equity and construction financing totaling $191.8 million for Phase I of Bryant Street, a mixed-use, transit-oriented development in northeast Washington, DC.
HFF arranged a $59.8 million joint venture equity partnership with FRP Development Corp., and then also secured $132 million in construction financing through a national bank.
Bryant Street is being developed near the intersection of Rhode Island Avenue and Fourth Street next to the Rhode Island Metro Station and the Metropolitan Branch Trail. “Edgewood 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 says in a prepared statement.
Phase I of the development 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 began in February and Phase I is due to deliver in spring 2021.
The HFF debt and equity placement team was led by Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod.