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| The Stella, a 282-unit, transit-oriented multi-housing community located at 3950 Garden City Drive at the New Carrollton, MD Metro Station within a designated opportunity zone |
WASHINGTON, DC –– Holliday Fenoglio Fowler, L.P. (HFF)
announces it has arranged construction financing and joint venture equity
totaling $65.44 million for the development of The Stella, a 282-unit,
transit-oriented multi-housing community located within a designated
opportunity zone in New Carrollton, Maryland.
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| Walter Coker |
HFF worked on behalf of the
developer, Urban Atlantic, to secure a $46.56 million construction loan through
TD Bank and $18.88 million in joint venture equity from Bridge Investment
Group.
The Stella is located at 3950
Garden City Drive at the New Carrollton Metro Station, which is the
terminus of the Orange and Purple lines.
Less than five miles
outside of Washington, D.C., the opportunity zone project is the second phase
of Urban Atlantic’s 34-acre, 2.3 million-square-foot New Carrollton Metro
redevelopment and will serve as the first multi-housing asset within the master
plan.
The Stella, which
sits on a ground lease, will feature a podium-style design with 282 studio
through three-bedroom floor plans totaling 218,692 rentable square feet along
with 3,500 square feet of ground-floor retail.
Units will offer
high-end amenities, including quartz countertops, stainless steel appliances,
plank flooring, walk-in closets, nine-foot ceilings and in-unit washers and
dryers.
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| Brian Crivella |
Community amenities
will include a swimming pool, common outdoor terraces, club room, game room,
fitness center, co-working space, private entertaining room and terrace, coffee
bar and dog wash station.
The project is due for completion 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.
“The Stella represents one of the
marquee developments in the region,” Leachman said. “The site is located
within an opportunity zone and adjacent to the New Carrollton metro
station.
"These factors,
coupled with the involvement of a premier developer like Urban Atlantic, drew a
tremendous amount of interest from institutional groups looking to capitalize
on the new tax laws.”
“We are proud to be a part of the
Urban Atlantic's commitment to provide new high-end housing for Maryland's
citizens,” said John Howell, vice president for TD Bank.
“This project will
help address the critical need for transit-oriented housing in close proximity
to Washington, D.C. TD’s investment in making a positive impact is a part
of what makes TD Bank different.”
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| Jamie Leachman |
About Urban Atlantic
Strategically focused on building value in emerging markets since
1998, Urban Atlantic is a community-minded, innovative real estate development
and investment company.
Urban identifies investment, acquisition and development
opportunities in untapped and emerging urban and suburban markets,
collaborating with government, private partners and the communities in which it
works.
Urban Atlantic’s portfolio of mixed use
and mixed income projects drives economic development and fosters inclusive community
involvement. For more information, visit www.urban-atlantic.com.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest
banks in the U.S., providing more than nine million customers with a full range
of retail, small business and commercial banking products and services at more
than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro
D.C., the Carolinas and Florida.
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| Evan Parker |
TD Bank, America's Most Convenient Bank, is a member of TD Bank
Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top
10 financial services company in North America.
The Toronto-Dominion Bank trades on the
New York and Toronto stock exchanges under the ticker symbol
"TD". To learn more, visitwww.td.com/us.
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| John Howell |
Bridge Investment
Group is a privately held real estate investment management firm with $13.5
billion in assets under management.
Bridge
combines its 1,200-person, nationwide operating platform with specialized teams
of investment professionals focused on select U.S. real estate verticals, which
Bridge believes offer above-market opportunity: multifamily, office, seniors
housing, affordable housing and debt strategies.
CONTACTS:
JAMIE LEACHMAN
HFF Senior Director
(202) 533-2524
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
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