Arlington asset manager EJF Capital LLC is teaming with a Cleveland developer to bring a new multifamily tower to Prince George’s County.
EJF Capital and the NRP Group announced Tuesday that they have obtained a $61 million bank loan to begin construction on a five-story, 361-unit apartment building on a 3.2-acre parcel in Hyattsville. The site, at the intersection of Belcrest and Toledo roads, is designated as a qualified opportunity zone, meaning investors in the project are eligible for tax breaks.
The project is one of several multifamily developments underway in Hyattsville as developers have looked to take advantage of the community’s proximity to the University of Maryland and nearby Discovery District research park.
It is also one of roughly two dozen EJF Capital has helped spearhead in opportunity zones across the country since the zones were established as part the Tax Cuts and Jobs Act in 2017 to encourage investment in urban and rural communities in need of revitalization.
Click here to read the rest of the article written by Alan Kline over at Washington Business Journal
