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Bozzuto Lands $61M For New Apartment Complex Near Annapolis

A rendering of Bozzuto's apartment complex The Monarch at Waugh Chapel in Anne Arundel County

Bozzuto will soon add another piece to its sprawling Waugh Chapel development community in Anne Arundel County.

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.