Bozzuto Lands $61M For New Apartment Complex Near Annapolis
The Maryland-based, award-winning real estate company secured a $61M loan from the Department of Housing and Urban Development to build The Monarch at Waugh Chapel, a four-story, 246-unit, Class-A multifamily building in the unincorporated Baltimore suburb of Gambrills. Bozzuto subsidiary Bozzuto Development and Reliable Contracting are co-developing the project.
The apartments will be divided into two wings surrounding a 7,282 SF clubhouse containing the leasing office, a fitness center, a yoga studio, a lounge, a business center and a billiards room. Outside the clubhouse will be an in-ground outdoor pool, a courtyard and cooking stations. Whether the Monarch will come with the Hub by Amazon automated package storage service was unknown at press time.
Waugh Chapel already boasts multiple multifamily developments — Bozzuto sold one earlier this year — and two shopping centers that count Wegmans and Regal Cinemas among their 120 tenants. The final plan still calls for offices, an assisted living community and athletic fields.
Walker & Dunlop arranged the $61M loan through HUD’s 221(d)(4) new construction program, which combines a two-year construction loan and a 40-year fixed-rate loan in the same financing package.