WASHINGTON, DC—MRP Residential, a division of MRP Realty and Florida Rock Properties, have now closed on a total of $82 million of construction financing for their Capitol Riverfront mixed-use project.
Last month GlobeSt.com reported that they had secured a $65 million construction loan from First Niagara's Commercial Real Estate Group for the project, which is expected to deliver in September 2016.
Additional details have emerged, namely that an additional $17 million is being contributed in preferred equity via a joint venture with EB5 Capital.
Phillips Realty Capital structured both transactions with MRP and First Niagara Bank. The construction loan is for phase one of a four-phase development
The 305-unit, 281,050 square foot high-rise multifamily project will include 19,000 square feet of ground level retail space, 40,000 square feet of public realm open space, rooftop lounge, a public plaza and a boardwalk with bike and pedestrian trails.
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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.
