Urban Atlantic Scores $80M for DC-Area Affordable Housing
EagleBank and Amazon's Housing Equity Fund provided financing for the 291-unit project.
Rendering of The Margaux at New Carrollton Metro Station. Image courtesy of Urban Atlantic
Urban Atlantic Development has received $54.3 million to develop The Margaux, a 291-unit transit-oriented workforce housing community in New Carrollton, Md. EagleBank provided the financing for the project, slated for completion by 2023.
Amazon’s Housing Equity Fund also financed the development with $25.4 million in low-rate loans. Urban Atlantic has partnered with Prince George’s County, Maryland and the Washington Metropolitan Area Transit Authority to develop the community.
The Margaux, situated adjacent to the New Carrolton Metro station, is part of the 2.3 million-square-foot mixed-use hub that includes office space, retail, additional housing, as well as Metro’s new Maryland Office Building.
The development will provide transit-oriented housing to essential workers and teachers, first responders, health care workers and others. Nearby transit options include Amtrak, MARC train and commuter rail, Metrorail, Metrobus, and Purple Line light-rail transit.
Designed by BKV Group, the property will have a mix of studios and one- to three-bedroom units set aside for individuals earning at or below 80 percent of the area median income for the following 98 years. Community amenities will include a pool, barbecue area, yoga and fitness center, dog wash and dog walking area.
