ColumbiaNational Arranges Financing for the Development of 41 L Street SE Apartments


ColumbiaNational Real Estate Finance, LLC announces that it has arranged $43.225 million in the form of a construction and permanent loan for the development of the 41 L Street SE mixed use development in the Capitol Riverfront neighborhood in Southeast Washington, D.C.

CNREF worked on behalf of the Borrower, a joint venture between MRP Realty, May Reigler Properties, and Kruger Real Estate to arrange the 10-year fixed rate loan with its correspondent, Western & Southern Life Insurance Company. Loan proceeds will be used to fund the construction of the 11-storyproject which, when complete in the fourth quarter of 2021, will contain 161 residential rental dwelling units, 3,500 s.f. of ground floor retail space, and 59 underground parking spaces. Total project costs are estimated at $67.5 million. The project is located at 41 L Street, SE which is one block from the Navy Yard-Ballpark Metro and two blocks from Nationals Park.

The CNREF team representing the Borrower was led by Managing Director Kevin McCarthy and Vice President Justin Brindger.

“This represents our second loan with Western & Southern through the Columbia National team and we look forward to using the proceeds to build a property that identifies with a boutique, urban, and young professional demographic”said John Begert, Principal at MRP.


Since 1939, ColumbiaNational has provided competitive debt and equity solutions to owners of institutional quality commercial real estate. Established by the late James W. Rouse, the company remains committed to hallmarks of his philosophy – exceptional service, local pride and focus, and a national scope. CNREF maintains loan origination offices in Washington, DC and Baltimore, Maryland. The loan servicing and asset management functions for the $4.6 billion commercial mortgage loan portfolio are performed in the Columbia, Maryland office.

About MRP

MRP is a leading owner, developer, and operator for office, industrial, retail, and residential real estate in the Washington, D.C. Metro area. Since inception in 2005, MRP Realty has deployed nearly $4.6 billion intotal capitalization, with another $2 billion of active projects underway.

About May Reigler

May Reigler is a top development firm in the dynamic Washington D.C. real estate market, with over 1.6 million square feet and 2,100 multifamily units collectively developed over the last 16 years.

About Kruger Real Estate

Kruger Real Estate is a private investment vehicle of the Kruger family, owners of Canadian-based Kruger Inc., a diversified company that owns and operates over 50 production sites and renewable energy power plants across North America. Kruger Real Estate is building a portfolio of multi-family properties, primarily in Washington DC, New York City and Boston, through joint ventures with first-class developers. The Company is committed to negotiating flexible and creative deal structures to best suit each of its partners. As a long-term holder, Kruger Real Estate is looking to build long-standing relationships with developers in its various markets.

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