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

June 27, 2023 at 08:00 AM EDT

5-Story, 361-Unit Multifamily Development to Serve Fast-Growing D.C. Suburb

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.”

About EJF Capital

EJF Capital LLC is a global alternative asset management firm headquartered outside of Washington, D.C. As of March 31, 2023, EJF manages approximately $3.6 billion across a diverse group of alternative asset strategies. The firm was founded in 2005 by Manny Friedman and Neal Wilson. Since inception, EJF has focused on regulatory event-driven investment themes including its strategy to invest in Qualified Opportunity Zones.

About The NRP Group

The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing whose mission is to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 50,000 apartment homes, and currently manages over 25,000 residential units.

Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, workforce, and mixed-income housing.

The NRP Group ranks consistently in the Top 10 largest developers and builders in the U.S. by the National Multifamily Housing Council and by Affordable Housing Finance. The NRP Group is a winner of the National Association of Home Builders Multifamily Pillars of the Industry award for “Builder of the Year,” and a four-time recipient of the Pillar Award for “Development Firm of the Year.” The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market rate communities at national scale. Based on its nearly 30-years of experience and expertise, NRP now provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.