Amazon awarded almost $82 million in low-rate loans to developers for affordable housing projects at two Metro stops in Prince George’s County.
Amazon awarded almost $82 million in low-rate loans to developers for affordable housing projects at two Metro stops in Prince George’s County, Maryland, part of its commitment to provide developer funding for below-market rate loans to build affordable homes near public transportation sites in partnership with the Washington Metropolitan Area Transit Authority
Bethesda, Maryland-based developer Urban Atlantic will receive $25.4 million to help fund construction of The Margaux, a 291-unit apartment building at the New Carrollton Metro Station. It will be part of a 2.3-million-square-foot mixed-use development that will include Metro’s new headquarters, offices and retail.
The Margaux will be completed in 2023. It is the second apartment community developed by Urban Atlantic at New Carrollton. The Stella opened last summer.
Providence, Rhode Island-based Gilbane Development Co. is receiving $56.3 million in low-rate financing for Atworth at the College Park Metro, a 451-unit apartment building adjacent to the Metro stop and the under-construction Purple Line light rail project.
Atworth also includes a public park, and is within walking distance of the University of Maryland College Park campus.
Both communities will have guaranteed affordable rents for 98 years.
The $2 billion Amazon Housing Equity Fund is committed to preserving and help fund the building of 20,000 affordable homes at its three hubs in Arlington, Nashville and Washington State’s Puget Sound region. Since January 2021, it has invested $1.2 billion to create or preserve more than 8,000 affordable homes for families earning between 30% and 80% of area median incomes, all within a 10-mile walk to public transit.
Metro’s Joint Development Program sells or leases property to private developers to maximize transit-oriented developments.
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