$103M Financing Deal Closes for Town Square

ROCKVILLE, MD-Rockville Town Square, a 12.5-acre mixed-use project that will be the first segment of the city’s 60-acre Rockville Town Center endeavor, has gotten a financial boost. Chicago-based Corus Bankshares Inc.’s banking subsidiary Corus Bank has just closed a $103.2-million financing package that will fund the construction of the first two of Town Square’s four-phase development.

The funds will go to RD Rockville Development I LLC, developer of the $352-million project, which will ultimately consist of 630 luxury residential condominiums and apartments, 170,000 sf of retail space, parking facilities, a new public library and a cultural arts center. Approximately $88 million of the cost of Town Square will be provided through public funding. The Corus-financed first two phases of Town Square will offer 383 condominiums, about 100,000 sf of street-level retail and parking to accommodate 580 vehicles. Whiting-Turner Construction is on board as the project manager and general contractor.