Capital One announced that it served as administrative agent for a $132 million construction loan to MRP Realty for the first phase of Bryant Street, a 488-unit mixed-use project in Washington, D.C, that includes 92,000 square feet of retail space. This is among the first projects that Capital One has financed in a designated opportunity zone and includes approximately $18 million in tax increment financing (TIF) grants from the District of Columbia. Capital One is holding $72 million, having syndicated the remainder to Citizens Bank.

The variable rate loan has an initial term of four years, with two 12-month, interest-only extension options available upon satisfaction of specified conditions.

“We were pleased to have an opportunity to build a relationship with MRP,” said Senior Vice President Michael Antonelli. “They have compiled an excellent track record for their projects in D.C. and along the Northeast Corridor.”

Headquartered in Washington, D.C., MRP Realty has deployed nearly $4.6 billion in capitalization since its inception in 2005, partnering with such large institutional investors as AEW, Clarion, Walton Street, Cornerstone, and Artemis, among others. Its combined development assets total more than 25 million square feet, with an additional 10 million square feet under management.

“The Capital One team was able to respond to our needs because they readily grasped the potential of the project and were able to get their arms around the complexity involved with such a large mixed-use development,” said Ryan Wade, an MRP founding principal. “We are very excited to have the financing in place and to be moving forward.”

The three-phase Bryant Street project is located on a 13-acre former shopping center adjacent to the Rhode Island Avenue Metro Station in a rapidly growing area of Northeast Washington. Upon completion, the LEED-certified project will have 1,650 residential units and 250,000 square feet of retail space. More than half the retail space constructed during the first phase is allocated for a nine-screen Alamo Drafthouse Cinema. In addition, the first phase will include a plaza, dog park, market building, and outdoor seating areas.

Capital One Bank’s Commercial Real Estate Group offers a comprehensive array of financing solutions for property owners and developers nationwide, including balance sheet and agency lending. Additional information can be found at capital.one/cre.