HomeNewsUS$ 69.4M Construction Loan Secured for The 202 Mixed-Use Building in Washington...

US$ 69.4M Construction Loan Secured for The 202 Mixed-Use Building in Washington DC

A US$ 69.4M loan has been secured for the construction of The 202 mixed-use building in Washington DC. Developed by MRP Realty and Barings, this project is the third mixed-use structure that will represent the last phase of Washington Gateway. The first Washington Gateway building was finished in 2014.

MRP Realty is a leading real estate development, acquisition, and construction management firm serving the Washington DC, Philadelphia and New York states. Barings LLC, simply known as Barings, is an international investment management firm owned by Massachusetts Mutual Life Insurance Company.

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Eastdil Secured arranged the Santander Bank construction credit. Eastdil Secured is a real estate investment banking company, while Santander Bank is a wholly owned subsidiary of Santander Group.

Overview of the The 202 Mixed-Use Building in Washington

The 16-story skyscraper will have 252 apartments featuring studio, one-, and two-bedroom units. It will also have 3,800 square feet of shops in addition to amenities such as a rooftop club room, pet facilities, a fitness centre. Furthermore, The 202 will have shared workspaces, and direct access to the Metropolitan Bike Trail.

The 202 mixed-use building location is 202 Florida Avenue in the NoMa neighborhood. The neighborhood has altered since the project began, according to Matthew Robinson, principal of MRP.

He explained that there is still a high demand for homes throughout the District. He said that D.C. has continuously remained a desired destination city for both young individuals and empty nesters. This according to Robinson is because both groups love the walkable, metropolitan lifestyle.

Also Read: Design Plans Unveiled for 27-Storey OneU Tower in Seattle, Washington

Keeping this in mind, the firm advocated for an active bike route at Washington Gateway. When joined with the neighboring booming Union Market it will offer a walkable environment for both residents and local office employees.

The leasing and operation of the building will be overseen by Bozzuto Management.

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