JV Receives $61M Loan for MD Development
Walker & Dunlop provided a 40-year, fixed-rate HUD loan for the development of Monarch at Waugh Chapel. The apartment community will be situated midway between Washington, D.C., and Baltimore, along U.S. Route 3.
By Tudor Scolca
A joint venture of Bozzuto Development Co. and Reliable Contracting received construction financing for a new apartment community, Monarch at Waugh Chapel. Walker & Dunlop secured the HUD loan of $61.1 million. The finance company’s team was led by Managing Director Dee McClure. HUD’s 221(d)(4) new construction program provides a single loan structure for both construction and permanent financing. It includes a two-year construction period followed by a permanent, 40-year loan with a fixed rate.
Monarch will be a Class-A apartment community located in Gambrills, Md., within the master-planned community of Waugh Chapel, along U.S Route 3 and Evergreen Road. Monarch will comprise of 246 units across two building wings, which will be separated by a 7,282-square-foot clubhouse. Common amenities will include a fitness center, yoga studio, lounge, a business center, billiards room and a solarium, while outside residents will be able to enjoy a swimming pool with a courtyard and cooking stations.
“Bozzuto greatly values the power of partnering with Walker & Dunlop and Reliable Contracting, and we share their positive view of the market fundamentals in the area. Monarch’s 246 apartment residences will complement the community of Waugh Chapel by strengthening its economic growth and supporting its diverse workforce with an extraordinary place to call home,” said Steve Strazzella, president of Bozzuto Development Co., in a prepared statement.
Monarch at Waugh Chapel is situated equidistant from Baltimore and Washington, D.C. Both cities can be reached in approximately 30 minutes by car. The community’s residents will have immediate access to multiple dining and shopping options. Two shopping centers already exist adjacent to the development site, Waugh Chapel Towne Center and The Village at Waugh Chapel. Within the larger project, more retail and office space is planned, as well as a business park, an assisted living facility and athletic fields.
“We fully expect that Bozzuto’s unique designs and innovative approach to development will set Monarch apart from the competition. These details and values certainly contributed to their 2017 NAHB and MHN Developer of the Year awards, and we are proud that a developer of this caliber chose to collaborate with us on the funding of this project,” said McClure in a prepared statement.
Image courtesy of Walker & Dunlop