Capital One Syndicates $132M Loan for DC Opportunity Zone Project
The loan is to MRP Realty for the first phase of Bryant Street.
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WASHINGTON, DC—An update to the recent news that MRP Realty secured $192 million for Bryant Street: Capital One served as administrative agent for the $132 million construction loan component. This is among the first projects that Capital One has financed in a designated Opportunity Zone and includes approximately $18 million in tax increment financing grants from the District of Columbia. Capital One is holding $72 million, having syndicated the remainder to Citizens Bank.
The variable rate loan has an initial term of four years, with two 12-month, interest-only extension options available upon satisfaction of specified conditions.
Bryant Street is a 488-unit mixed-use project that includes 92,000 square feet of retail space. The three-phase project is located on a 13-acre former shopping center adjacent to the Rhode Island Avenue Metro Station in a rapidly growing area of northeast Washington. Once it is completed, Bryant Street will have 1,650 residential units and 250,000 square feet of retail space. More than half the retail space constructed during the first phase is allocated for a nine-screen Alamo Drafthouse Cinema. The first phase will also include a plaza, dog park, market building and outdoor seating areas.
MRP Realty has deployed nearly $4.6 billion in capitalization since its inception in 2005. Its combined development assets total more than 25 million square feet, with an additional 10 million square feet under management.
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