BOSTON, MA - CWCapital, a subsidiary of CW Financial Services and a full-service, national lender to the multifamily and commercial real estate industries, today announced it has provided $90 million in construction financing for Westchester at Olde Towne Gaithersburg located in Montgomery County, Md. The loan was structured and originated by Andrea (Dee) McClure, Senior Vice President for CW, and was financed through the firm's FHA platform.
Source: CW Financial Services
Westchester at Olde Towne Gaithersburg is a 389-unit, Class-A, multifamily property that will boast an extensive amenity package. Groundbreaking on the project occurred today, January 25th, and it is anticipated that the construction of the complex will take approximately two years, concluding in January 2013. Property highlights include an above ground parking garage, a state-of-the-art health club, lagoon-style pool with, landscaped gardens, and an epicurean clubhouse. The complex, comprised of two four-story (plus mezzanine) buildings, will be located in downtown Gaithersburg, just north of Washington, D.C., in the heart of Montgomery County.
Englewood, Colo.-based Archstone, one of the largest and most highly respected multifamily owners and managers in the U.S., is the property's developer. Archstone will further market and manage the property upon completion. This project represents the second time Archstone has executed financing with CW and through the FHA lending platform. With the current economic crisis continuing to limit financing alternatives for developers, demand for the often complex FHA construction loan program has increased.
"CW and Archstone have once again been successful in structuring a transaction that matched the scope and attributes of the project with the often complicated FHA criteria," stated McClure. "We are pleased to be able to complete this transaction and look forward to Archstone introducing the property into the market upon completion in 2013."
Michael Berman, President and CEO of CWCapital, added, "As demand for multifamily housing remains strong in select markets like suburban Maryland, FHA is providing critical new construction capital to borrowers while simultaneously spurring job growth. Loans like the one provided for The Westchester at Olde Towne Gaithersburg serve as perfect examples of the counter-cyclical role FHA is playing in today's credit market. CW's expertise in FHA has generated substantial new business opportunity which we are confident will continue through 2011."
"Once again we have executed an outstanding loan with CWCapital and HUD for what we believe will become the best apartment community in Central Montgomery County, MD," said Rob Seldin, Archstone SVP of Development. "As the area furthers its reputation as the epicenter of biotechnology research and employment in the US, we fully expect our apartments to play a central role in the ability of employers to continue attracting the best and brightest talent to the Gaithersburg area."
A leading Fannie Mae, Freddie Mac and FHA lender offering origination, underwriting and servicing through its network of national lending offices, CWCapital currently services a portfolio of $12.6 billion in loans in 48 states.
CW Financial Services (CWFS) is a unique, vertically integrated commercial real estate debt platform comprised of CWCapital LLC, CWCapital Investments LLC and CWCapital Asset Management LLC. Offering a full range of products and services including multifamily lending, servicing, special servicing, consulting and investment management, CWFS employs approximately 370 professionals in 14 offices nationwide and is owned by affiliates of certain Fortress Investment Group LLC (NYSE: FIG) managed funds. Fortress is a leading global investment manager founded in 1998 and offers alternative and traditional investment products.