25 Potomac Avenue, SE Rendering courtesy MRP Realty
From a press release:
“MRP Residential, a division of MRP Realty (MRP) and Florida Rock Properties, Inc., a full service development company, announced that it has closed on $82 million of construction financing for its Capitol Riverfront mixed-use project on the banks of the Anacostia River.
The construction loan for Phase One of a four phase development, was provided by First Niagara Bank in the amount of $65 million, includes an additional $17 million in preferred equity financing through a joint venture with EB5 Capital. Phillips Capital Realty structured both transactions with MRP and First Niagara Bank.
“This development will not only provide Washington, D.C. with an exciting iconic development but it will also provide the general public, its residents, tenants and patrons a unique and exciting open space and a destination dining environment where people can enjoy the riverfront and where retailers can thrive,” said Frederick Rothmeijer, principal of MRP Realty.
“This site is one of a few sites in the city that is highly accessible to the public with mixed-use open space located directly on the waterfront. We are thrilled to begin construction on the first phase with MRP Realty,” said David deVilliers, president of Florida Rock Properties.
The 305-unit, 281,050 square foot high-rise multifamily project will include 19,000 square feet of ground level retail space, 40,000 SF of public realm open space, rooftop lounge, a public plaza, a boardwalk with bike and pedestrian trails, dramatic river views throughout, media hub and art gallery.“