Holliday Fenoglio Fowler 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, Md.
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. 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.
