Updated Oct 25, 2024
First National Bank Provides $61M Construction Loan For Hyattsville Development Project
Hyattsville, Maryland
$61,000,000
Units
361
Asset Type
Development Site
Closing
Jun 28, 2023
About this deal
AI
The NRP Group and EJF Capital have secured a $61 million construction loan from First National Bank for the development of a 361-unit multifamily community in Hyattsville, Maryland. The project is located in Hyattsville, MD, and is classified as a development site.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $61,000,000
- Loan Type: Construction
- Lender: First National Bank
- Landlord: NRP Group - David Heller & EJF Capital - Neal Wilson
The NRP Group, represented by David Heller, and EJF Capital, represented by Neal Wilson, have successfully secured a construction loan of $61 million from First National Bank. This loan will be utilized to develop a 361-unit multifamily community in Hyattsville, Maryland. The financing provided by First National Bank demonstrates their confidence in the project and the developers' ability to execute their plans.
On the Map
$61,000,000
Development Site
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Players
Hyattsville Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93