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Amazon loans developer $20M to build more affordable housing in Prince George’s County

February 28, 2023

Silver Spring developer Banneker Ventures announced Tuesday that it has received a $20 million loan from Amazon.com Inc. (NASDAQ: AMZN) to help it build 193 affordable housing units across the street from the Addison Road-Seat Pleasant Metro station in Prince George’s County. Banneker, a Black-led real estate development firm that also has an office in Southeast D.C., is the lead contractor for Park Place, a $45 million development that will rise from a vacant lot at 6301 Central Ave. in Capitol Heights. All of the units, ranging from studio to three-bedroom apartments, will be preserved as affordable for 99 years, said Banneker President Omar A. Karim.

Article Source: Washington Business Journal

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