WASHINGTON–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24HF&src=ctag” target=”_blank”gt;$HFlt;/agt; lt;a href=”https://twitter.com/hashtag/CRE?src=hash” target=”_blank”gt;#CRElt;/agt;–Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured joint
venture equity and construction financing totaling $191.8 million for
the development of Phase I of Bryant Street, a mixed-use,
transit-oriented development in northeast Washington, D.C.
HFF worked on behalf of the developer, MRP Realty, to arrange a $59.8
million joint venture equity partnership with FRP Development Corp.
Working on behalf of the new partners, HFF 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 adjacent to the Rhode Island Metro Station (Red
Line) and the Metropolitan Branch Trail, a multiuse pedestrian/cycling
path that is used by more than 1,200 commuting cyclists daily. The
project is situated within the high-barrier-to-entry neighborhood of
Edgewood between the established and rapidly growing neighborhoods of
Eckington and Brookland. In addition to the neighborhood restaurants,
breweries and other local nightlife, Bryant Street is easily accessible
to Ivy City, Union Market, a newly opened Trader Joe’s and hotspots such
Red Hen and Big Bear Café. 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 commenced in February
and Phase I is due for completion 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.
“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 said. “We are very excited to have the
financing in place to bring this multi-modal neighborhood to life.”
About MRP Realty
Founded in 2005, MRP Realty is a real estate operating company focused
on opportunistic and value-add investment in the northeastern United
States, with offices in Washington, D.C., Maryland, Virginia,
Pennsylvania and New York City. MRP provides to its institutional
capital partners a full array of real estate services, including
acquisition/disposition, development/construction management, property
management, asset management and financial reporting services. Since the
company’s inception, MRP has deployed over $4.6 billion in total
capitalization. MRP’s combined development assets total more than 25
million square feet, with an additional 10 million square feet under
management. For more information, please visit www.mrprealty.com.
About FRP Development Corp.
Along with its sister company, Florida Rock Properties, Inc. (FRP) is a
Maryland-based, full-service development company specializing in
commercial, mixed-use and industrial real estate. Incorporated in May of
1989, the company is a wholly-owned subsidiary of FRP Holdings, Inc., a
Florida-based company, publicly traded on the NASDAQ Stock Exchange
under the symbol “FRPH.” For more information, please visit www.frpdev.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the
global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets platform,
including debt placement, investment advisory, equity placement, funds
marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities
Limited are owned by HFF, Inc. (NYSE: HF). For more information, please
visit hfflp.com
or follow HFF on Twitter @HFF.
Contacts
WALTER COKER
DC Lic. #SP98361589
HFF Managing Director
(202)
533-2500
[email protected]
BRIAN CRIVELLA
DC Lic. #SP98368957
HFF Senior Director
(202)
533-2500
[email protected]
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713)
852-3403
[email protected]
