JV Makes Acquisition Plans for In-Progress 103,000-SF Building

GAITHERSBURG, MD-A joint venture comprised of a GMAC Institutional Advisors affiliate and Fountain Square Properties will purchase Lakefront at Washingtonian from developer Realty Capital Partners. The 103,800-sf office and retail facility is currently being constructed within the mixed-use master-planned community known as Washingtonian Center.

GMAC Intuitional parent company GMAC Commercial Mortgage Corp. provided the joint venture, operating as FSP-WMM LLC, with $9.3 million in equity investment funds and a $20-million floating-rate interim loan. Located in the I-270 Corridor in Montgomery County, Lakefront is being erected at 9481 Washingtonian Blvd. The five-story DNC Architects-designed structure will feature approximately 85,600 sf of class A office space on the top four floors, while nearly 18,200 sf of retail space will be located at ground level.