Black Creek Borrows $63M for Maryland Community

JLL arranged the financing for the 333-unit property in Rockville's Westside at Shady Grove neighborhood.

The Daley at Shady Grove. Image courtesy of JLL

Black Creek Group has obtained a $63 million loan for The Daley at Shady Grove, a 333-unit apartment community in Rockville, Md., that the real estate firm acquired last year. JLL arranged the seven-year, fixed-rate financing with a life company lender. The loan features a 3.2 percent rate and interest-only payments for half of the term.

Completed in 2017, the property is located at 8010 Gramercy Blvd. within Westside at Shady Grove, EYA’s 45-acre, master-planned neighborhood northwest of Washington, D.C. Black Creek acquired the asset from Bozzuto Group in July 2019 for $93.5 million, equating to a price of $342.42 per square foot.

READ ALSO: Silverstone Senior Living Makes its Mark in Maryland

Units in the community average 831 square feet and have upscale features including walk-in closets and keyless entry. Amenities include a swimming pool, grilling station and fitness center. The property, located just north of the Shady Grove station of the Washington Metro, also features 14,974 square feet of retail space anchored by a Starbucks coffee shop.

Senior Director Jamie Leachman, Senior Managing Director Eric Tupler and Managing Director Josh Simon of the JLL Capital Markets team represented Black Creek in the financing deal.

Black Creek, which has developed and acquired more than $20 billion of properties, spent $117 million to acquire Hanover Perimeter, a 384-unit Class A community in Atlanta, last month.

You May Also Like