WASHINGTON, DC—MRP Realty and Florida Rock Properties have secured a $65 million construction loan provided by First Niagara's Commercial Real Estate Group for the development of a mixed-used residential building on the Anacostia Waterfront. Yvonne Ulrich, vice president of the Plymouth Meeting, PA-based lending group, managed the transaction for First Niagara.
The 305-unit project, which will have ground floor retail and underground parking, is expected to deliver in September 2016. Called The Riverfront, the project is located along the Anacostia Waterfront, across the street from Nationals Park and within two blocks of the U.S. Department of Transportation and the Navy Yard.
It is one of many projects underway or proposed for this DC submarket. Last month Cohen Siegel Investors submitted plans to the District's Zoning Commission for the first phase of its planned multifamily development in the Capitol Riverfront Business District, to cite one example.
To cite another: earlier this year the development group headed by Bethesda's Englewood LLC reached an agreement with Hilton Worldwide to build a new 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.
