WASHINGTON, D.C. – June 26, 2019 – 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.
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.
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.”
