The Daily Record: Financing Set for Bozzuto’s Shady Grove Metro Project
December 23, 2015
Bozzuto, EYA and Carlyle Realty Partners have completed the financing for the first multifamily building at a planned mixed-use development at the Shady Grove Metro stop in Rockville.
All three firms provided equity in the deal while Citizen Bank provided the debt. The West Side at Shady Grove Metro is a four-phase development that will include 1,114 apartments, 407 townhomes, 37,000 square feet of retail and 130,000 square feet of office and library space.
“As the centerpiece of Montgomery County’s Smart Growth Initiative, Westside at Shady Grove Metro is an important development because it will not only create affordable housing, but will also offer additional services to the surrounding community, including green spaces, a library, an elementary school, and vibrant retail,” Toby Bozzuto, Bozzuto’s president and CEO, said in a news release. “We share in EYA’s vision for the neighborhood and we are honored to serve as the community’s co-developer, builder, and manager.”
Construction on the project has started and is expected to be completed in 2017.