UIP Generates $19M From CrowdStreet for $112M Mixed-Use in Hyattsville
Washington, DC-based UIP Companies, Inc. is developing a $112-million, ground-up apartment and retail building on Baltimore Avenue in the Arts District of Hyattsville, MD.
UIP capitalized the 285-unit/31,660-square-foot retail project with $19.1 million in crowd-sourced equity capital raised on CrowdStreet from 422 individual investors. UIP also raised construction funds in a land-sale/leaseback, and obtained a construction loan:
$27.1 million equity, including CrowdStreet investors’ equity, sponsor equity and grants
$42.8 million ground lease proceeds (Safehold)
$42.3 million senior debt (Parkview Financial)
“This was our sixth offering on the CrowdStreet Marketplace,” said UIP principal Steve Schwat. “Based on the successful interaction, we now consider a potential role for retail investors in virtually every project.”
The property, named Canvas, is two miles from the DC line, two miles from the University of Maryland, College Park and three miles from Discovery District, an office park that has attracted technology and financial companies including Adobe, Capital One and WeWork.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.