ACRES funded a $11,580,250 million loan which will be used to finance the predevelopment of 62 acres of land corresponding to 492 unfinished lots. The loan will fund first mortgage site development and lot sellout. The ultimate project plan consists of:
Located in a suburb of Washington D.C., the six-phase, mixed-residential community is on property spanning approximately 90 acres of land. The property is one hour from D.C.’s central business district and accessible to the other suburban D.C. office markets in Maryland such as Bethesda, Rockville, Silver Springs, and Chevy Chase.