Suburban D.C. Apartments Receive $80M Refi

July 8, 2026

Affordable Housing Finance & Investment Market Rate Mid-Atlantic More News Washington D.C.

PCCP provided the note.

A rendering of The Rae, a 343-unit apartment community at 10401 Motor City Drive in Bethesda, Md — A rendering of The Rae. *Image courtesy of PCCP*

Foulger-Pratt has obtained an $80 million refinancing loan for The Rae, a 343-unit apartment community at 10401 Motor City Drive in Bethesda, Md. PCCP provided the financing.

The company completed the development in mid-2023, financed by a Wells Fargo loan totaling $76.9 million, according to Yardi Matrix data.

The Rae offers studios and one- and two-bedroom floorplans, with an average unit size of 822 square feet. The units feature luxury vinyl plank flooring, 9-foot ceiling heights, kitchen islands and stainless-steel appliances. The property is currently 93.1 percent occupied, Yardi Matrix reports. 44 of the community’s apartments are designated as affordable housing.

Common-area amenities at The Rae include a two-story, 24-hour fitness center, a swimming pool, a clubhouse, a sports bar and a garden space with hammocks and fire pits. The community also has 373 fire pits.

The Rae is 10 miles northwest of downtown Washington, D.C. and 0.8 miles from the Grosvenor-Strathmore Metro Station on the Red Line, which provides residents with a direct commute into downtown Washington by way of Bethesda.

DC multifamily sees uneven fundamentals

Developers added 15,509 units to D.C.’s multifamily stock in 2025, with completions accounting for 2.4 percent of existing inventory for the year, according to Yardi Matrix. New supply, along with an uncertain local job market, has put pressure on metro D.C. rents, which were down about 1 percent for the year.

A number of developments have broken ground so far this year, including NOVEL Arlington, a 530-unit community in Arlington, Va. Crescent Communities and Rockefeller Group joined forces for the first time to develop the property, which will come online in 2028.

In April partnership between NRP Group and Marshall Heights Community Development Organization broke ground on The Waymark, a 109-unit affordable project in Washington. The community will finish construction next year.