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Dewey Property Site 1 Update 06/29/23

EJF Capital and the NRP Group Close $61M Construction Loan for Hyattsville, Maryland Multifamily Development

EJF Capital LLC (“EJF”) and The NRP Group (“NRP”) today announced the closing of a $61 million construction loan led by First National Bank to develop a 361-unit multifamily community in Hyattsville, Maryland (the “Project”). The Project’s 3.2-acre development site is located within a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”), which offers investors potential tax benefits to invest with the aim of spurring economic growth in lower income areas.

Upon completion, the Project will contain 361 multifamily units in a five-story building located at the corner of Belcrest Road and Toledo Road, offer 441 parking spaces in a six-level, above-grade garage, and provide amenities including a fitness center, bike room, pet wash area, courtyard, pool, and a variety of lounge spaces. The Project is expected to deliver in the third quarter of 2025.

Over the past decade, Greater Hyattsville has emerged as an affordable multifamily submarket of Washington, D.C. with substantial retail options within walking distance of city center. The suburb is conveniently located just three miles from the Baltimore-Washington Parkway, which offers direct access to the Capital Beltway (I-495), major suburban employment nodes, and airports throughout the region, and is situated just 1.5 miles south of the University of Maryland’s flagship College Park campus and less than one-half mile north of the Prince George’s Plaza Metrorail station, which offers direct transit to downtown Washington, D.C.

“Hyattsville is an exciting submarket that benefits from its proximity to one of the most powerful regional economies in the country,” said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. “We are pleased to be working with NRP, First National Bank, and Flagstar Bank, who see the vision and potential of this vibrant market.”

Josh Wooldridge, Sr. VP of Development added, “We are excited to partner with EJF Capital, which brings significant experience developing projects in Qualified Opportunity Zones, to bring new multifamily housing to this fast-growing D.C. suburb. We are incredibly proud to be starting our third project in Prince George's County to continue our mission of creating the highest-quality multifamily communities that NRP is known for.”

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