Foulger-Pratt Nabs Financing for $120M Bethesda Multifamily Development
The developer raised $20M on Crowdstreet in just one day
By Keith Loria June 29, 2021 1:39 pm
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Foulger-Pratt has secured financing for The Rae at Westlake, a planned $120 million multifamily development in Bethesda, Md.
Wells Fargo (WFC) provided a $76.8 million construction loan for the 343-unit development. The rest of the funding included $20.4 million from sponsor sources and $22.3 million from 440 individual investors on CrowdStreet.
“This will be a Class A property serving renters in the growing biotech and life sciences corridor that arcs through Montgomery County and extends out I-270 in suburban Maryland,” David Govshtein, managing director of CrowdStreet, told Commercial Observer. “Investors on CrowdStreet responded very favorably to this project, pledging over $20 million of equity in one day.”
Located at 10401 Motor City Drive, the project is directly adjacent to the Westfield Montgomery mall, which is currently being redeveloped by global developer Unibail-Rodamco-Westfield as an indoor-outdoor lifestyle center.
The mall currently has 750,000 square feet of retail with more than 40 dining establishments, a theater and a bowling alley. The redevelopment will add an additional 135,000 square feet of indoor retail and 128,000 square feet of outdoor retail.
“As the plans come to life, the result will be a vibrant, dynamic live-work-play community,” Cameron Pratt, Foulger-Pratt’s managing partner and CEO, said in a prepared statement. “At the same time, growth in the biotech and life sciences sector should generate even more employment opportunities in the area, which in turn should create even more demand for residential product like The Rae.”
The five-story property will consist of 299 market-rate and 44 affordable housing apartments. Amenities will include a 24-hour fitness center, a dog run and pet spa, a pool, plus a coworking space.
The Rae at Westlake is located off I-270, and across the street from the Montgomery Mall Transit Center. Notable federal government buildings nearby include the National Institutes of Health and the U.S. Food and Drug Administration.
