UIP Cos. Inc. has secured $112 million in financing to construct a new mixed-use building in Hyattsville’s Arts District. The six-story building at 5300 Baltimore Ave., called Canvas, will have 285 apartments, 31,660 square feet of retail and 681 parking spaces.
The capital stack for the project includes $27.1 million in equity, including $19.1 million crowd-sourced from CrowdStreet, plus $42.8 million in ground-lease proceeds from Safehold and $42.3 million in senior debt issued by Parkview Financial. The building, designed by Torti Gallas & Partners, will be completed by the end of 2023.
UIP says the building is in a good location close to University of Maryland, College Park. It will have a mix of studios, one- and two-bedroom units catering both to the student population and the employers at the Discovery District three miles away, with access to Route 1 into the District.
