Washington, DC-Area Opportunity Zone Project Gets $65M Loan
- Jun 28, 2019
Developer Urban Atlantic has received a $65.4 million loan for the development of The Stella, a 282-unit, transit-oriented community in New Carrollton, Md. HFF secured a $46.6 million construction loan through TD Bank and $18.9 million in joint venture equity from Bridge Investment Group. Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker were part of the HFF debt and equity placement team that worked on behalf of the developer.
Located at 3950 Garden City Drive in a designated opportunity zone, The Stella will be less than 5 miles from Washington, D.C. Apart from the 218,692-rentable-square-foot residential component, plans call 3,500 square feet of ground-floor retail. All units are slated to include quartz countertops, stainless steel appliances, plank flooring, walk-in closets, in-unit washers and dryers.
The property is also set to feature a swimming pool, common outdoor terraces, club room, game room, fitness center, coworking space, private entertaining room and terrace, coffee bar and dog wash station. The Stella is due for completion by the end of next year.
More to come
The multifamily project represents the second phase of the developer’s 34-acre, 2.3 million-square-foot New Carrollton Metro master plan. Upon completion, the site will be home to 1,500 residential units, 1.1 million square feet of office space, 150,000 square feet of retail and a 200-key hotel.
Urban Atlantic has been busy in the Washington, D.C, area. In April, together with Hines and Triden Development Group, the company broke ground on The Vale apartments and The Brooks condominiums. The two properties are slated to include a total of 390 residences within The Parks at Walter Reed, a $1 billion mixed-use neighborhood currently underway.
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