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Washington DC & Mid-Atlantic  + DC  + Apartments  |  June 28, 2022
MRP Realty and Barings have secured $69.4 million in financing for construction of Phase III of Washington Gateway in Washington, DC.
Lisa McDuffie
By: Lisa McDuffie

MRP, Barings Land $69M for Third and Final Phase of Washington Gateway

MRP Realty and Barings have received $69.4 million in financing for Phase III of Washington Gateway. Eastdil Secured brokered the construction loan with Santander Bank NA.

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 with 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 units. Residents will enjoy a rooftop club room, pet facilities, fitness center, shared workspaces and connection to the Metropolitan Bike Trail.

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.

Photo courtesy MRP

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MRP Realty

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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