PCCP Provides $80M to Refinance Bethesda Apartment Property

PCCP has provided an $80 million loan to Foulger-Pratt for the refinance of The Rae, a 343-unit, apartment property located at 10401 Motor City Drive in Bethesda, Maryland.

Foulger-Pratt completed development of the property in 2023. The Rae is a wrap-style apartment asset with units spanning studio, one-bedroom, and two-bedroom floor plans with an average unit size of 822 square feet. On-site amenities include a two-story, 24-hour fitness center, sports bar, garden space with hammocks and fire pits, pet wash, and bike storage.

“We viewed this as an attractive opportunity to provide financing to Foulger-Pratt, an experienced local developer and repeat PCCP counterparty,” said Lia Barsanti, Senior Vice President of PCCP. “We believe the Rae is a high-quality multifamily asset in one of the Washington, D.C. region’s most affluent suburbs.”

The Rae is located 10 miles northwest of downtown Washington, D.C. and is anchored by healthcare, biotech, and federal government employment. The property sits adjacent to I-270, providing access to Tysons Corner and other commercial pockets in Northern Virginia.

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