“With Sovren, we are honored to provide the Hyattsville, MD and greater Prince George’s County community with another much needed vibrant, mixed-use, mixed-income housing community,” said Robert V. Gilbane, Jr., vice president of Gilbane Development Company.
HYATTSVILLED, Md. (PRWEB) December 15, 2022
Gilbane Development Company (“GDC”) reached financial close for Sovren, a 293-unit residential development, with 147-affordable units reserved at 80% of the area medium income (“AMI”) with ground floor retail and a 298-space, arts-wrapped parking garage at West Hyattsville Metro Station in Hyattsville, MD. Sovren is projected to open in the Fall of 2024.
Financing for Sovren comes through senior lending partners M&T Bank and Santander Bank with subordinate loans from Amazon’s Housing Equity Fund and Prince George’s County Housing Investment Trust Fund. Amazon’s fund promises to preserve and create affordable homes through low-rate loans so low-income families in the Washington, D.C. region can afford to live in communities with easy access to employment, schools, health care, and education, along with other services and amenities. Sovren represents Gilbane Development Company’s second partnership with Amazon in the region - Atworth is a 451-unit apartment development currently under construction at the College Park Metro station, with a planned opening in Spring 2024. For more about Amazon’s Housing Equity Fund, visit https://www.amazonhousingequity.com/what-is-the-fund
Sovren is a five-story, transit-oriented, mixed-use apartment community that features 293 apartments above approximately 2,500 SF of retail. It is located on a 3.5-acre parcel located at 5685 Little Branch Run, immediately adjacent to the West Hyattsville Metro Station and the Northwest Branch Anacostia River trail system. Units at Sovren will range from studios to three-bedrooms. Amenities include an outdoor kitchen, two courtyards – one of which has a swimming pool – private parking provided in an art-wrapped garage with 298 parking spaces, bike storage and direct connectivity to the WMATA Green and Yellow lines. 147-units are designated as permanently affordable for residents with incomes at or below 80% of AMI, which is made possible through the partnership with not only Amazon but Prince George’s County Department of Housing and Community Development.
Sovren is a complement to GDC’s broader The Riverfront at West Hyattsville project, which when completed will contain two apartment buildings, one being Sovren, organized around a central plaza providing access to the adjacent metro station. The Riverfront at West Hyattsville development currently includes Kaiser Permanente’s West Hyattsville Medical Center, a 50,000-sf medical office building built by Gilbane Building Company which opened in August 2022, and 183 townhouses completed by Stanley Martin to the west of the site. The Riverfront at West Hyattsville won The Maryland Building Industry Association Land Development Council 2022 Award of Excellence for Community of the Year.
The Sovren and Atworth projects represent Gilbane Development Company’s continued investment in Prince George’s County, having recently delivered TEMPO, a new student housing development serving students at the University of Maryland; and having involvement as developer and financing member in the Blueprint Schools partnership with Prince George’s County Schools to design, build, finance, and maintain (for 30 years) six (6) new public schools delivering in 2023, with 30% of the project cost going to minority and local businesses.
“With Sovren, we are honored to provide the Hyattsville, MD and greater Prince George’s County community with another much needed vibrant, mixed-use, mixed-income housing community,” said Robert V. Gilbane, Jr., vice president of Gilbane Development Company. “The Riverfront at West Hyattsville project serves as a nexus of housing, healthcare, and transit and will contribute to the area’s economic development efforts by providing much-needed tax revenue and additional housing in a true transit-oriented, sustainable development.”
About Gilbane Development Company
Gilbane Development Company is the real estate development, financing, and ownership arm of Gilbane, Inc., a family-owned company founded in 1870. With over $8 billion in development and more than 20,000 units of housing completed/underway, Gilbane Development Company’s projects incorporate every aspect of real estate including: multifamily housing (market rate apartments, student housing, and affordable housing); single-family residential communities; mixed-used developments; healthcare facilities; K-12 schools; government facilities; garage/parking areas; corporate headquarters; operational | data | distribution centers; R&D | manufacturing facilities; and, many types of facilities delivered through public-private partnerships. To learn more, visit http://www.gilbaneco.com/development.