$50M HIDDEN CREEK BREAKS GROUND
The Charlotte office of Red Mortgage Capital recently arranged $50M in financing for a new apartment project in Gaithersburg, Md., called The Residences at Hidden Creek, which just broke ground. Red?s Lee McNeer worked with HUD and developer Woodfield Investments?Todd Jacobus to make it all happen. Red Mortgage Capital provided FHA Section 221(d)(4) non-recourse financing for construction and permanent financing of the 300-unit, Class-A multifamily property. It's near Gaithersburg?s historic downtown. Residences at Hidden Creek will contain two, four-story buildings and include 45 units that will be offered to qualifying residents earning no more than 60% of the area's median income. The community also will have 4,000 SF of retail space and a 484-space parking garage. The property offers access to several mass transit options to Washington, DC, and Baltimore. (If you're not in a hurry, you can just run for Senate.) Clark Builders Group is GC, and The Housing Studio is project architect.