The Village at Rockville—A National Lutheran Community has received bond financing on the Glenmere project. The bonds were issued by Montgomery County, Md. in a face amount of $87.5 million. The bonds will fund construction costs related to The Village at Rockville and utilize a draw down feature that will limit negative arbitrage as related to the current economic environment. This financing, through partnerships with Hamlin Capital Management, LLC and Cross Point Capital, LLC, will feature four series of tax-exempt bonds providing a blend of variable and fixed-rate debt for the project.
National Lutheran Communities & Services’ (NLCS) President & CEO Larry Bradshaw stated, “The issuance of these bonds will launch construction on a new phase of resident opportunities at The Village at Rockville and will complement our continuing commitment to excellence in a variety of services to our residents and guests.”
In celebration, The Village at Rockville held a groundbreaking ceremony and reception on Monday, November 12, 2018. Over 200 guests, including Rockville City Council members Mark Pierzchala and Virginia D. Onley attended the event.
“The Glenmere project represents a major commitment to our community and the larger Rockville community, enabling us to continue to serve and deliver on our mission and ministry. Building on our heritage and nearly 130 years of service, we will maintain a vibrant and innovative experience for all those we serve,” stated The Village at Rockville’s Executive Director Kyle Hreben.
Seventy-five percent of the apartment homes have been pre-sold prior to groundbreaking. Construction is expected to be completed in late 2020.