MRP Realty, developer of commercial, residential, industrial, and mixed-use real estate long the East Coast corridor, in a joint venture with Barings, one of the world’s largest diversified real estate investment managers, have received $69.4 million in financing for Phase III of Washington Gateway. Eastdil Secured brokered the construction loan with Santander Bank NA, and construction will commence in August 2022.
“It’s incredibly fulfilling to reach this point in such a large multi-phase project,” said Matthew Robinson, principal at MRP. “We first started the planning of Washington Gateway in 2005, and over the course of multiple real estate cycles we have had to adjust the project multiple times. We
can finally see the full picture and final piece come together at a location that is one of the strongest and most sought-after corridors in the District.”
Located in the NoMa neighborhood, and adjacent to the Union Market district, this third and final phase will deliver a 16-story high-rise apartment building, 254 units, and 3,800 square feet of retail. The Class A apartment building is located at 202 Florida Ave., NE., and will be branded “The 202” in reflection of the street address. Bozzuto Management will oversee the leasing and management.
The 202 will include a mix of studio, one-bedroom, and two-bedroom luxury units, featuring 10-foot ceilings, designer kitchens and curated features. Residents will enjoy a rooftop club room, pet facilities, fitness center, shared workspaces, and a direct connection to the Metropolitan Bike Trail.
“Washington Gateway is recognized as a collection of first-class, luxury residential buildings that add to the vibrancy and energy of the NoMa neighborhood,” said Kevin Miller, managing director at Barings. “The 202 brings remarkable detailing and rounds out the exceptional lifestyle residents have come to expect from the Washington Gateway community.”
The previous phases of Washington Gateway include Elevation at Washington Gateway that delivered in 2014, and The Burton that delivered in December 2021 and is currently in lease-up.
About MRP Realty
Founded in 2005, MRP is a real estate operating company focused on opportunistic and value-add investment headquartered in Washington. Since the firm’s inception, MRP has been among the most active local investors in office, multifamily and land investment, deploying $7.8 billion (total capitalization). MRP provides to its institutional capital partners a full array of real estate services including acquisition/disposition, development/construction management, property management and asset management services, and financial reporting services. MRP focuses on strategic investment opportunities in both high barrier-to-entry submarkets and high growth submarkets. www.mrprealty.com
About Barings
Barings is a $371+ billion* global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities, and employees, and is committed to sustainable practices and responsible investment. Learn more at www.barings.com.
