Construction is currently underway on Phase 1 of the former Madison Park North site which will deliver 120 townhomes for homeownership when completed. Building off this momentum, the development team led by MCB Real Estate has begun predevelopment activities on the next phase which promises to bring 68,000 square feet of office space, over 200 mixed-income apartment units, and grocery-anchored ground floor retail along North Avenue.
NIIF provided a $1.5 million bridge loan for Phase 2 to support predevelopment and is also providing grant support through a $1.5 million CORE grant from the Maryland Department of Housing and Community Development awarded to NIIF for the benefit of the project. NIIF previously provided a $3.5 million bridge loan in June 2022 and concurrent grant to support infrastructure costs in connection with Phase 1.