Developers are preparing to start construction on a 268-unit multifamily project in Prince George’s County after finalizing $58 million in financing.
Bethesda’s Varsity Investment Group closed on a $45.1 million construction loan from United Bank for development of the St. Joseph Apartments in Upper Marlboro. Mark Remington and Alec Jenkins of Phillips Realty Capital structured the deal, which also included a $12.75 million equity investment from Federal Capital Partners.
The four-story St. Joseph Apartments, at 9500 Ruby Lockhart Blvd., will be located within a mile of the Largo Town Center Metro station. That also puts it fairly close to the new University of Maryland Capital Region Medical Center at Largo Town Center.
