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
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.
Players
Hyattsville Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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