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.
For comments, questions or concerns, please contact Dennis Kaiser