Urban Atlantic Secures $65M For Opportunity Zone Apartment
HFF arranged construction financing and joint venture equity for the development of The Stella in New Carrollton, MD.
NEW CARROLLTON, MD—Bethesda, MD-based Urban Atlantic has secured construction financing and joint venture equity totalling $65.44 million for the development of a multifamily property at the New Carrollton Metro Station, which is a designated Opportunity Zone.
HFF arranged the financing for the 282-unit The Stella placing a $46.56 million construction loan through TD Bank and $18.88 million in joint venture equity from Bridge Investment Group.
The Stella, which sits on a ground lease, is located at 3950 Garden City Dr. at the New Carrollton Metro Station. It also has 3,500 square feet of ground-floor retail. The project is due to deliver in the fourth quarter of 2020.
The HFF debt and equity placement team representing the developer included Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker.
Institutional groups exhibited a “tremendous amount of interest” in the project because the site is located in an Opportunity Zone and is next to a metro station, Leachman said in prepared remarks.