Buchanan Gets $57M Loan, Breaks Ground On Glenmont Development
Construction has begun on the first new multifamily building near the Glenmont Metro station this century.
A joint venture of Buchanan Partners and Elion Partners announced Monday it secured a $57M loan through the Department of Housing and Urban Development, allowing it to break ground on a 254-unit multifamily project.
The 40-year loan was secured through HUD's 221(d)4 program and arranged by AGM Financial Services. The development team in December paid $34M for an existing 164-unit garden-style apartment community and the 3.5-acre site on which it plans to build the new project.
The new apartment building, branded as Atelier, is under development at 2511 Glenallan Road, less than a half-mile from the Glenmont Metro station. Dwell Design Studio is the architect on the project, Coakley & Williams is the general contractor and Jefferson Apartment Group will manage the property. The project broke ground this quarter and is expected to deliver in Q3 2020.
Atelier will offer apartments ranging from studios to two-bedroom units with dens. Its outdoor amenities will include a swimming pool, rooftop deck with a fire pit, two courtyards with grilling stations and a dog park. Inside, it will feature a fitness center, yoga room, movie room, clubroom with games and a catering kitchen and a business center with a private conference room.
The building will have an above-ground parking garage with space for 330 cars, bicycle lockers and a bike repair station. Its rooftop will also include a solar panel array that will generate electric power for the building's common areas.
The Glenmont station, the final stop on the eastern segment of the Red Line in Montgomery County, has not experienced the same level of transit-oriented development as many Metro stops. The development team says Atelier is the first new multifamily construction in decades. The Reonomy platform shows the only buildings constructed within a mile of the Glenmont station since 2000 have been offices, retail, schools and other public facilities.
"This type of transit-oriented development is long overdue in Glenmont, with its close proximity to Metro, bike trails, shopping, parks and employment centers," Buchanan Partners principal Jimmy Roembke said in a release. "We are excited to bring an amenity-rich lifestyle to this supply-constrained submarket."
