UIP Raises $112M To Begin Construction on 285-Unit Canvas
UIP has raised $112M to begin construction on Canvas, the 285-unit multifamily project in Hyattsville, Md.
They received the financing through a $42.8M in a ground sale-leaseback transaction with ground lease specialist Safehold, $42.3M in senior debt from Parkview Financial, as well as on $27.1M in equity and grants, including $19.1M from equity crowdfunding platform CrowdStreet.
"Based on the successful interaction, we now consider a potential role for retail investors in virtually every project" UIP said in a statement.
Situated less than 2 miles from the DC Border with frontage on Baltimore Avenue, this location benefits from Hyattsville Arts District.
UIP will build 285 rental apartments along with 30,000 square feet of retail space and a 680-car garage.
As part of an initiative with local artists before construction of the project starts, UIP has transformed the vacant lots and storefronts into a “walkable gallery” with murals along with a public gathering place called Polka Dot Park.
The residential units will feature a mix of studios and one- and two-bedroom units, and expects to deliver in the fourth quarter of 2023.