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Bozzuto Secures HUD Loan for Maryland MF Development

Bethesda, MD-based Walker & Dunlop structured a $61.1-million HUD construction loan for Monarch at Waugh Chapel, a multifamily development in Gambrills, MD. A joint venture between Bozzuto Development Company and Reliable Contracting is developing the 246-unit apartment project.

Walker & Dunlop’s Dee McClure led the team in arranging the loan via HUD’s 221(d)(4) new construction program, which provides both construction and permanent financing within a single loan structure. Further, the program serves to minimize interest rate risk for the developer. The financing includes a two-year construction term followed by a permanent, 40-year, fixed rate loan.

Monarch is part of the Waugh Chapel master-planned community located halfway between Baltimore and Washington, DC. The community will include residential, commercial, office, and recreational amenities along the intersection of Crain Highway (U.S. Route 3) and Evergreen Road.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.