This paper considers the target localization problem using the hybrid bistatic range and time difference of arrival (TDOA) measurements in multistatic radar. An algebraic closed-form solution to this nonlinear estimation problem is developed through two-stage processing, where the nuisance variables are introduced in the first stage and the localization error of first stage solution is estimated to improve the final target position estimate in the second stage. Theoretical analysis shows that the performance of the proposed method can reach the Cramer-Rao lower bound (CRLB) for Gaussian measurement noise over the small error region. Simulations are included to corroborate the performance of the proposed estimator.