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The Goldstar Group Locks in $84M to Develop 350-Unit Multifamily in Frederick
Bethesda, MD-based The Goldstar Group has secured a $83.7-million loan to fund the construction and stabilization of Residences at East Church, located at 605 East Church Street in Frederick, MD.
Drew Miller of ACRES Capital Corp., originated loan, which was arranged by Jamie Butler of Walker & Dunlop.
The current 14.81-acre vacant lot will be improved by five, four-story multifamily buildings totaling 350 units and 525 parking spaces. Community amenities will include a clubhouse, swimming pool and fitness center.
“As home to one of the largest clusters of bioscience companies in MD, Frederick County has become a leading biotech and life sciences community,” said ACRES CEO and president Mark Fogel. “This county-wide employment growth, coupled with other area demand drivers, fuels the need for quality housing options like the Residences at East Church.”
Residences at East Church will also be bolstered by its vicinity to both Baltimore and Washington, DC.
- ◦Development
