$49.5M GALAXY APTS. IN SILVER SPRING OPENS

SILVER SPRING, MD. — The $49.5 million, 195-unit Galaxy Apartments, located at 8025 13th St. in Silver Spring, has opened. Amenities include a clubroom with a pool table, flat screen televisions and a Wii station, as well as a cyber cafe with Wi-Fi. RST Development developed the property and Clark Realty Builders was the general contractor. Hercules Real Estate has been retained to lease and manage the property, which includes 82 affordable units and 113 market units. Financing included a tax-exempt bond mortgage of $38.5 million provided by the Montgomery County Housing Opportunities Commission, along with a $5 million loan from the Montgomery County Department of Housing and Community Affairs, from the County's Housing Initiative Fund. Additionally, the county provided a Payment in Lieu of Taxes agreement.