Courtesy of Urban Investment Partners
The Canvas apartments project at 5300 Baltimore Ave. in Hyattsville, Maryland
A residential and retail project in Hyattsville’s Arts District first pitched in 2017 has secured the $ 112M in financing it needs to move forward.
Urban Investment Partners is moving forward on the 285-unit Canvas apartment building at 5300 Baltimore Ave., Bisnow has learned.
UIP raised $ 42.8M in a ground sale-leaseback transaction with ground lease specialist Safehold, landed $ 42.3M in senior debt from Parkview Financial and tacked on $ 27.1M in equity and grants, including $ 19.1M from equity crowdfunding platform CrowdStreet.
“This was our sixth offering on the CrowdStreet Marketplace,” UIP principal Steve Schwat said in a statement. “Based on the successful interaction, we now consider a potential role for retail investors in virtually every project.”
The development will feature nearly 32K SF of retail across from an EYA development that features a Busboys & Poets and Yes! Organic Market. UIP also plans to build a 681-space parking garage, with 250 spaces reserved for retail customers and the nearby Crossover Church.
Torti Gallas + Partners is serving as the architect on the project, which UIP expects to deliver in the fourth quarter of 2023.
The residential units will feature a mix of studios and one- and two-bedroom units. The submarket’s “strong occupancy, steady rent growth and consistent demand for institutional quality multifamily property” were key drivers in the decision to move forward with the property, the developer said.
UIP landed financing for the Canvas after first announcing it would develop at the Hyattsville site in 2017. At the time, Schwat said he liked the Hyattsville market because there was room for growth.
The unit count for the project has risen since the initial proposal, from 260 to 285, as UIP seeks to benefit from the project’s location roughly equidistant from the DC-Maryland border and the University of Maryland, College Park.