High Street Residential, MetLife Secure $186M Refi for D.C. Resi Buildings
The debt replaces a $167M construction loan from Wells Fargo in 2020
By Nick Trombola May 22, 2025 4:10 pm
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A subsidiary of Trammell Crow Company (TCC) and its joint venture partner have closed a significant nine-figure refinancing deal for the residential component of its massive Central Armature Works project in Washington, D.C.
High Street Residential (the TCC affiliate) and partner MetLife Investment Management have landed $186 million toward two multifamily towers with 640 units that make up the development’s housing component. Artemis Real Estate Partners provided the debt, according to Bisnow, which first reported the news.
A spokesperson for High Street and TCC declined to comment, and a spokesperson for Barings, which purchased Artemis earlier this year, did not immediately respond to a request for comment.
Central Armature Works is comprised of three towers adjacent to Washington, D.C.’s NoMa and Gallaudet Metro station. These include the 172-unit Rigby, the 468-unit Market House and the 203-key The Morrow hotel, which housed the now-shuttered Le Clou restaurant by Michelin-star chef Nick Stefanelli. The development also contains 60,000 square feet of retail and private event space.
High Street and MetLife began building the 830,000-square-foot complex in 2019, opening its doors in late 2022. The developers previously secured a $166.6 million loan from Wells Fargo toward the two multifamily buildings in early 2020, property records show.
The development earned its name from Central Armature Works, an electrical apparatus repair, supply and construction company founded in the early 1900s. The company previously occupied industrial buildings on the site, which were demolished to make way for the mixed-use project.
NoMa has in recent years become a beacon of development within D.C.. Seven other residential projects were completed in the neighborhood in 2022, with another five reaching completion last year, according to NoMa Business Improvement District statistics. NRP Group and Marshall Heights Community Development Organization, meanwhile, landed a roughly $123 million financing package last year for their Emblem project: a 115-unit affordable housing complex modeled after New York City’s famed Flatiron Building.
On the investment side, Maryland-based developer Foulger Pratt and its partners purchased a 364-unit apartment building in the neighborhood last year for $107.8 million.
Nick Trombola can be reached at ntrombola@commecialobserver.com.
