PCCP has originated an $80 million loan to refinance The Rae, a recently delivered apartment community at 10401 Motor City Drive in Bethesda, Maryland. The financing is being provided to Foulger-Pratt, the developer of the 343-unit multifamily property.
Foulger-Pratt completed development of The Rae in 2023, bringing new rental housing to one of the Washington, D.C. region’s affluent suburban communities. The property is configured as a wrap-style apartment asset and offers a mix of studio, one-bedroom, and two-bedroom residences. Units at the community average 822 square feet, reflecting a focus on modern layouts and a range of floor plan options.
The Rae includes a set of on-site amenities designed to support resident lifestyle and wellness. Shared spaces feature a two-story, 24-hour fitness center, providing round-the-clock access to exercise and training areas. Residents also have access to a sports bar and a garden space equipped with hammocks and fire pits, intended to encourage social interaction and outdoor use. Additional conveniences include a pet wash facility and dedicated bike storage.
Commenting on the transaction, Lia Barsanti, Senior Vice President at PCCP, noted that the firm viewed the loan as an attractive opportunity to finance Foulger-Pratt, described as an experienced local developer and a repeat PCCP counterparty. Barsanti characterized The Rae as a high-quality multifamily asset located in one of the Washington, D.C. area’s most affluent suburbs.
The Rae benefits from a location approximately 10 miles northwest of downtown Washington, D.C. The property is positioned near major employment bases in healthcare, biotech, and the federal government, which collectively anchor demand in the surrounding area. Its site adjacent to Interstate 270 offers regional connectivity, including access to Tysons Corner and other commercial hubs across Northern Virginia.
The article also highlights the broader multifamily investment and networking environment, noting that the Connect Texas Multifamily event in Dallas on August 13 will convene owners, developers, brokers, investors, and lenders for discussions on Texas multifamily market dynamics. While focused on a different geography, that event underscores ongoing industry interest in capital flows, development, and operations across U.S. multifamily markets.
