A Cleveland developer started construction on a Prince George’s County project in the final days of March, despite the uncertain economic environment that has caused some developers to hit the pause button.
The NRP Group A rendering of The NRP Group’s Motiva project in Greenbelt. The NRP Group tells Bisnow it broke ground March 27 on the 354-unit Motiva project near the Greenbelt Metro station. The project is a joint venture with Willton Investment Group, and EagleBank provided the construction loan. It is scheduled to deliver next year.
“While these are unprecedented times, closing Motiva in the midst of an uncertain market is a testament to the dedication of our team and partners, and we’re excited to move forward with this development,” The NRP Group Vice President of Development Josh Wooldridge said in a statement.
The coronavirus and the economic crisis have led some developers in the area to halt new construction — Retail Properties of America recently put its Largo project on hold. But Maryland, D.C. and Virginia have deemed construction an essential business operation and allowed it to continue. NRP is also working on a 260-unit project in Largo that broke ground last year.
EagleBank Executive Vice President Tony Marquez said the bank has been in talks with NRP for roughly two years and had committed to provide the loan, which he said closed recently.
Click here to read the rest fo the article written by Jon Banister over at Bis Now