Foulger-Pratt lands $ 120 million in Bethesda multi-family development funding – Commercial Observer
Foulger-Pratt obtained funding for The Rae in Westlake, a planned $ 120 million multi-family development in Bethesda, Maryland.
Wells fargo provided a $ 76.8 million construction loan for the development of 343 units. The remainder of the funding included $ 20.4 million from sponsor sources and $ 22.3 million from 440 individual investors on CrowdStreet.
“This will be a Class A property serving tenants in the growing biotechnology and life sciences corridor that runs through Montgomery County and spans I-270 in suburban Maryland,” David Govchtein, Managing Director of CrowdStreet, told Commercial Observer. “CrowdStreet investors have responded very favorably to this project, pledging over $ 20 million in equity in one day.”
Located at 10401 Motor City Drive, the project is directly adjacent to the Westfield Montgomery mall, currently being redeveloped by global developer Unibail-Rodamco-Westfield aIt’s an indoor-outdoor lifestyle center.
The mall currently has 750,000 square feet of retail space with over 40 dining establishments, a theater and a bowling alley. The redevelopment will add an additional 135,000 square feet of indoor retail and 128,000 square feet of outdoor retail.
“As the plans come to life, the result will be a vibrant and vibrant living-work-play community.” Cameron Pratt, managing partner and CEO of Foulger-Pratt, said in a prepared statement. At the same time, the growth of the biotechnology and life sciences sector is expected to generate even more employment opportunities in the region, which in turn is expected to create even more demand for residential products like The Rae. “
The five-story property will include 299 market-priced apartments and 44 affordable units. Facilities will include a 24-hour fitness center, dog park and pet spa, swimming pool and coworking space.
The Rae at Westlake is located off I-270 and across from the Montgomery Mall Transit Center. Nearby federal government buildings include the National Institutes of Health and the United States Food and Drug Administration.