Gilbane Development Co. has closed on financing for the development of Sovren, a 293-unit mixed-use multifamily community in Hyattsville, Md., part of the company’s broader Riverfront at West Hyattsville project. Financial partners included senior lending partners M&T Bank and Santander Bank.
The financing process was complemented by subordinate loans from Amazon’s Housing Equity Fund and Prince George’s County Housing Investment Trust Fund.
The mixed-income Sovren will offer 147 units set to serve residents earning at or below 80 percent of the area median income. The community is also planned to feature 2,500 square feet of retail, 298 private parking spots and bike storage. With units ranging from studio- to three-bedroom floorplans, Sovren will feature a pool, an outdoor kitchen and two courtyards, among other planned amenities.
The transit-oriented community is set to rise on a 3.5-acre site, at 5685 Little Branch Run, adjacent to the West Hyattsville Metro Station and the Northwest Branch Anacostia River trail system, with connectivity to the WMATA Green and Yellow lines.
Sovren marks the second partnership in the area between Gilbane and Amazon. The first such project was The Atworth, with opening estimated for the spring of 2024. The developer will add 451 new apartments to metro D.C.’s inventory, with guaranteed affordability for 98 years, adjacent to the College Park Metro station.
Part of a broader project
Sovren will complement The Riverfront at West Hyattsville development, which currently incorporates a 50,000-square-foot medical office building, developed by Gilbane, as well as 183 townhouses built by Stanley Martin.
According to Yardi Matrix, the overall Sovren multifamily development is set to encompass three construction phases, with 693 units to be delivered at full build-out. The first phase of the project, detailed above, is slated for completion in the fall of 2024, while the other two phases are still prospective.
With a commitment to invest in Prince George’s County, earlier this year, Gilbane completed TEMPO, a 978-bed student housing community in College Park, Md., serving students at the University of Maryland.
