Bostonia attended the ribbon cutting ceremony for the new Kaiser Permanente Administrative facility in New Carrollton, Maryland on April 4, 2019. The new facility is a 200,000 SF build to suit office building with a 600 space parking garage. In attendance were representatives from Kaiser Permanente, officials from Prince George’s County, team members from Urban Atlantic, members of the investment community, and many others who made the project possible.
Bostonia provided $64 million in construction-to-permanent financing, which was structured and executed as a Credit Tenant Lease within a Public-Private Partnership that includes a 98-year ground lease with Washington Metropolitan Area Transit Authority and a capital stack with public and private sources of funds, totaling approximately $95 million.
The Project is the first phase of a $1 billion mixed-use, transit-oriented development in New Carrollton, Maryland. Future phases will total 2.7 million SF of office, residential, retail, and hospitality space. The Project is a Public-Private Partnership that is being developed by Urban Atlantic in partnership with Washington Metropolitan Area Transit Authority and Prince George’s County.