UIP Cos. is planning to develop Canvas Apartments, a 285-unit community in Hyattsville, Md. The company has capitalized the project with $19.1 million raised through crowdfunding platform CrowdStreet. UIP also raised construction funds in a land-sale/leaseback deal and obtained a construction loan.
UIP Cos. provided $27.1 million in equity, including capital raised on CrowdStreet from 422 individual investors. Safehold provided $42.8 million in ground lease proceeds and Parkview Financial contributed with $42.3 million in senior debt.
The six-story mixed-use community will encompass studio, one- and two-bedroom apartments, along with 31,660 square feet of ground-floor retail. The property will also have 681 parking spaces, 250 of which will be allocated to neighborhood retail and the Crossover Church.
Located at 5300 Baltimore Ave., the property is within roughly 6 miles of downtown D.C., 2 miles from the D.C. line to the west and The University of Maryland, College Park to the east. The project is located in the center of the Arts District, with easy access to Riversdale House Museum and Vanadu Art House. Dining and retail options are available in the immediate area, along Baltimore Avenue.
Designed by Torti Gallas and Partners, the community is slated for completion in the fourth quarter of 2023.
UIP Cos., in a partnership with Churchill Living, has also used CrowdStreet for the acquisition of a 300-unit community in Arlington, Va., located near Amazon’s HQ2.