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Final Washington Gateway phase gets $69.4 million construction loan; work to start in August

Developer MRP Realty in a joint venture with real estate investment manager Barings, has received $69.4 million in financing for Phase III of Washington Gateway. Construction will commence in August, the developers say in a June 21 statement.

“It’s incredibly fulfilling to reach this point in such a large multi-phase project,” said MPR principal Matthew Robinson. “We first started the planning of Washington Gateway in 2005, and over the course of multiple real estate cycles we have had to adjust the project multiple times. We can finally see the full picture and final piece come together at a location that is one of the strongest and most sought-after corridors in the District.”

The third and final phase of the project in the NoMa neighborhood, adjacent to the Union Market district, will deliver a 16-story high-rise apartment building, 254 units, and 3,800 sq. ft. of retail.

The apartment building at 202 Florida Ave., NE. will be branded “The 202” in reflection of the street address. Bozzuto Management will oversee the leasing and management.

“Washington Gateway is recognized as a collection of first-class, luxury residential buildings that add to the vibrancy and energy of the NoMa neighborhood,” said Kevin Miller, managing director at Barings. “The 202 brings remarkable detailing and rounds out the exceptional lifestyle residents have come to expect from the Washington Gateway community.”

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.

Mark Buckshon
Mark Buckshonhttps://washingtonconstructionnews.com
Mark Buckshon is the publisher and interim editor of Washington Construction News. He is also president of the Construction News and Report Group of Companies. He combines a journalism and business background, and has published construction trade publications for more than 30 years, after an earlier career in journalism, which culminated when he lived through the transition from Rhodesia to Zimbabwe in 1978-80 as a sub-editor for the Bulawayo Chronicle and a correspondent for a Canadian news service.

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