ACRES Funds $83.725M for Multifamily Development in Frederick, MDNOVEMBER 28, 2022
Loan to fund the construction and stabilization of proposed 325,944 NRSF multifamily development
FREDERICK, MD (NOVEMBER 28, 2022) – ACRES Capital Corp. (together with its subsidiaries, “ACRES”), a nationwide commercial real estate middle-market lender, originated a $83.725 million loan to fund the construction and stabilization of Residences at East Church, located at 605 East Church Street in Frederick, Maryland.
The current 14.81-acre vacant lot will be improved by 5, four-story multifamily buildings totaling 350 units and 525 parking spaces known as the Residences at East Church. Community amenities will include a clubhouse, swimming pool and fitness center. The property’s top-quality exterior, interior, and amenity finishes will put Residences at East Church at the top of the competitive market for multifamily.
Frederick County has become known as a leading national location for the bioscience industry and is home to numerous prominent employers, including Fort Detrick. Residences at East Church will also be bolstered by its vicinity to both Baltimore and Washington DC and is a 15-minute walk from Downtown Frederick, which features eclectic coffee shops, high-end dining, and craft breweries.
“As home to one of the largest clusters of bioscience companies in Maryland, Frederick County has become a leading biotech and life sciences community,” said ACRES Chief Executive Officer and President Mark Fogel. “This county-wide employment growth, coupled with other area demand drivers, fuels the need for quality housing options like the Residences at East Church.”
The loan was provided to Michael Brodsky of The Goldstar Group and was arranged by Jamie Butler of Walker & Dunlop. Drew Miller of ACRES’ New York office originated the loan.