$61M Construction Loan Brings New Multifamily to Hyattsville, Md.
By Keith Loria June 28, 2023 4:50 pm
reprints
A joint venture between NRP Group and EJF Capital has finalized a $61 million construction loan for a 361-unit multifamily development in Hyattsville, Md.
The financing came from First National Bank.
Called NRP Hyattsville Crossing, the five-story, 361-unit development will be built at the corner of Belcrest Road and Toledo Road. The property falls under a qualified opportunity zone as outlined in the Tax Cuts and Jobs Act of 2017. The law presents investors with potential tax benefits should they invest in lower-income or distressed areas, according to The Daily Record.
NRP has already completed two transit-oriented development projects in Prince George’s County, and the positive response encouraged them to pursue the current project, which is close to the newly named Hyattsville Crossing Metro station, noted Josh Wooldridge, senior vice president of development at NRP.
“Despite some progress, residents of Prince George’s County still lack quality options when seeking multifamily buildings in close proximity to Metro stations, walkable communities, major employers and amenity hubs,” Wooldridge told Commercial Observer. “Future residents of NRP Hyattsville Crossing will have everything they need within walking distance plus convenient transit options to major employers like the University of Maryland, NASA Goddard and UMD’s Discovery District.”
NRP Hyattsville Crossing will replace a long-vacant surface parking lot just two blocks from the Hyattsville Crossing Metro station and the Mall at Prince George’s.
Amenities in the project will include a fitness center, bike room, pet wash area, courtyard, pool and multiple lounge spaces.
“NRP’s project promises to complement several new public investments by the county in this part of Hyattsville, like the newly reconstructed Hyattsville Public Library, Nine Pond regional stormwater management project, and a new 86,000-square-foot multigenerational recreation center that are all adjacent to NRP’s location,” Wooldridge said.
The project is slated to finish in late 2025.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
