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JV Receives $61M Loan for MD Development

November 7, 2017

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.

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