Gaithersburg Development
http://www.redcapitalgroup.com/News/...TP-110062.shtm
Residence at Hidden Creek
-300 unit apartment building under construction on outskirts of Olde Towne
Red Provides Over $48 Million in New Construction Financing for Maryland Apartment Community
Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider RED CAPITAL GROUP (“RED”) and the lender that provided the most FHA insured multifamily loans in the nation this past year, provided FHA Section 221(d)(4) non-recourse financing in the amount of $48,869,600 for the construction and permanent financing of a Class A multifamily property near the City of Gaithersburg’s historic downtown.
Residences at Hidden Creek will have two four-story buildings containing 300 multifamily units. Forty-five of those units will be offered to qualifying residents earning no more than 60% of the Area Media Income. The community also will include 4,000 sq. ft. of light retail and a 484-space parking garage. The property’s prime location offers several mass transit options within walking distance and/or a short ride, providing easy access to Washington D.C. and Baltimore.
Woodfield Investments, LLC, a mid-Atlantic and Southeastern development firm, is the sponsor/developer of the project and has assembled a highly skilled team with a tremendous amount of experience, including Clark Builders Group as the General Contractor and Bozzuto Management Company, which will manage the property. The Housing Studio served as the architectural firm.
Todd Jacobus, Principal of Woodfield Investments, said, “This is the second 221(d)(4) we’ve had the pleasure of closing with the RED team. We started underwriting during the depths of the financial crisis and due to the tenacity and professionalism of the entire working group, were able to overcome a number of obstacles with the end result being job creation and much needed market rate and affordable housing for the City of Gaithersburg.”
Lee F. McNeer, Director of Red Mortgage Capital, LLC and lead banker on the transaction said, “For decades, FHA insurance has provided a predictable structure for new construction multifamily properties across our nation, promoting housing that better meets the needs of communities. Residences at Hidden Creek not only will provide an economic benefit to Montgomery County through the construction jobs it creates, but it also will provide 300 quality units at a site that is near numerous employment opportunities, transportation options, shopping and community services for its residents. We are very proud to have worked with Woodfield Investments, LLC and HUD on this Class A project.”
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