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UIP Plans $112M Canvas Mixed-Use Project in Hyattsville, Maryland

Canvas will be located at 5300 Baltimore Ave. and feature 285 one- and two-bedroom apartments, 31,660 square feet of ground-floor retail space and 681 parking spaces. (Rendering courtesy of UIP Cos. Inc.)

HYATTSVILLE, MD. — Urban Investment Partners Inc. (UIP) has secured debt and equity financing for Canvas, a $112 million mixed-use development in downtown Hyattsville.

The six-story project will be located at 5300 Baltimore Ave. and feature 285 one- and two-bedroom apartments, 31,660 square feet of ground-floor retail space and 681 parking spaces.

Washington, D.C.-based UIP is financing the project using $27.1 million in equity, including $19.1 million from crowd-sourced capital raised on CrowdStreet from 422 individual investors. Other financing sources included a $42.3 million loan from Parkview Financial and $42.8 million in proceeds from a land sale-leaseback agreement with Safehold.

Torti Gallas + Partners designed Canvas, which is expected to begin initial occupancy in the fourth quarter of 2023.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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