Amazon loans $16M to Gilbane for Hyattsville apartments

It is the e-commerce company's latest investment in local affordable housing next to a Metro station.

Amazon loans $16M to Gilbane for Hyattsville apartments

Amazon.com Inc. (NASDAQ: AMZN) has loaned Gilbane Development Co. nearly $16.1 million for 147 affordable units in a new apartment building adjacent to the West Hyattsville Metro station, the tech company said. In addition to Amazon, a $200,000 loan from the Prince George's County Department of Housing and Community Development will preserve the dedicated units as affordable for residents who make up to 80% of the area medium income for 99 years, a county spokesperson said. 'As a transit-oriented development, The Sovren will provide residents with a better quality of life and we're proud to support this project.' The site is located on 3.5 acres at 5685 Little Branch Run. This new investment marks at least 6,400 homes that the fund has created or preserved the affordability of in Greater Washington. The company is currently building Atworth, a 451-unit apartment building adjacent to the College Park Metro station. Amazon provided $56.3 million in low rate loans, and the project is slated to open in the spring of 2024.