A long-planned project near the White Flint Metro station broke ground this month after the development team secured a construction loan.
Foulger-Pratt and Promark Partners secured a $72.5M loan for the 335-unit East Village project in North Bethesda, MAC Realty Advisors announced Tuesday.
MAC Realty’s Andrew McAllister, Nick Rubenstein and Pate Hardison assisted the developers in securing the fixed-rate, construction-to-permanent loan and said it was from a national lender, but declined to disclose the name.
McAllister tells Bisnow the loan was placed last month and the project began construction Oct. 5. He said the deal had interest from at least a half-dozen funding sources, but the coronavirus pandemic has still made it a difficult market.
Click here to read the rest of the article written by Jon Banister over at Bis Now
