REBusinessOnline

Walker & Dunlop Arranges $61.1M HUD Loan for New Apartment Project in Metro Baltimore

The 246-unit Monarch is part of the Waugh Chapel master-planned community, which will include residential, commercial, office and residential amenities upon full build-out.

GAMBRILLS, MD. — Walker & Dunlop has arranged a $61.1 million loan for the development of Monarch at Waugh Chapel, a 246-unit apartment community under construction in Gambrills, roughly halfway between Baltimore, Md., and Washington, D.C. Dee McClure of Walker & Dunlop arranged the financing through the United States Department of Housing and Urban Development (HUD)’s 221(d)(4) new construction program on behalf of the borrower and developer, a joint venture between Bozzuto Development Co. and Reliable Contracting. The financing includes a two-year construction loan followed by a permanent, 40-year, fixed-rate loan. Monarch is part of the Waugh Chapel master-planned community, which will include residential, commercial, office and residential amenities upon full build-out. The apartment community will feature a fitness center, yoga studio, business center, billiards room, resort-style pool and cooking stations.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Webinars on Demand


Conferences


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties