SCG Development, located in Tysons, Virginia, is pleased to announce the closing of its latest affordable multifamily development located in North Bethesda, Maryland.
The Property is a part of the master planned mixed-use redevelopment of Woodglen Park and will feature a 268-unit elevator served, seven-story J-shaped apartment building including an above-grade four-story parking garage. The Property will consist of studio, one, two, three, and four-bedroom apartment homes that will be rented to families earning no more than 30%, 40%, 50%, 60, and 70% of area median income. In addition to the Property, the redevelopment will also include a single-story specialty 10,000 square-foot retail building and public plaza.
Future residents will enjoy the outstanding location and benefit from a short 5-minute walk to the North Bethesda Metro Station, a 1-minute walk to Whole Foods Market as well as numerous other retail establishments.
The total development budget for this project is $124 million, with a construction loan provided by Maryland CDA and M&T Bank, a first mortgage perm loan provided by M&T Realty Capital, subordinate financing provided by Montgomery County HIF, a MEEHA grant, and equity capital arranged for by Stratford Capital Group.
Other project participants include Davis Construction, MV&A (architectural services), JBA (civil engineering services), and Paradigm Property Management.
The completion of the development is scheduled for the first quarter of 2028.
About SCG Development:
SCG Development is a privately held real estate development firm focused on creating quality affordable and workforce rental communities that are affordable to the workforce. Our portfolio consists of over 60 properties across the country, including high-rise new construction, adaptive reuse of historic buildings, and the acquisition and rehabilitation of existing apartment communities. For more information, visit please www.scgdevelopment.com.