Foulger-Pratt has plans to develop the $119.5 million The Rae at Westlake, a multifamily property in Bethesda, Wash.
The five-story, 343-unit building will include 299 market-rate and 44 affordable housing units. On-site amenities will include a dedicated dog run and pet spa, 24-hour fitness center, bocce courts, pedestrian leisure trail, two courtyards with pool and grilling, coworking space and community event space.
The project is directly adjacent to the Westfield Montgomery mall, which is currently converting into an indoor-outdoor lifestyle center. It will include 750,000 square feet of retail with more than 40 dining destinations, theaters and a bowling alley. The space will be 135,000 square feet of retail anchor and 128,000 square feet of additional outdoor retail.
Wells Fargo provided a $76.8 million construction loan for the 343-unit development. The rest of the funding included $20.4 million from sponsor sources and $22.3 million from 440 individual
