Goldstar Group is building a $112 million 350-unit multifamily community dubbed Residences at East Church in Frederick county, Maryland. After the developer secured final approvals from the city of Frederick officials, they began construction in earnest around October. However, the project’s official groundbreaking would most likely take place in early December.
The developer secured an $84 million loan from ACRES Capital Corp to commence the Residences at East Church project. However, Jamie Butler of Walker & Dunlop handled the transaction on behalf of the developer. While Drew Miller of ACRES’ New York office originated the loan. According to Michael Brodsky of Goldstar, a principal of the loan transaction, this project is due for delivery by November 2024.
The location of the Residences at East Church will be at a 14.81-acre vacant lot, which Goldstar acquired in 2020. Brodsky said the developer purchased the property from the Frederick Health Hospital for $7 million. Besides building multi-family units on the property, Goldstar intends to reserve nearly 3-acres of land for a public park.
Development plans for the Residences at East Church
The multifamily community will feature five four-story buildings with a total of 350 units and 525 parking spaces. Additionally, the property will consist of several shared amenities such as a clubhouse, swimming pool, and fitness center. Residents will have access to the top-quality exterior, interior, and amenity finishes, which will make it a highly sought-after property.
Moreover, the project’s location at 605 E. Church St. will be a walking distance from downtown Frederick. Thereby, providing residents with immediate access to the nearby eclectic coffee shops, high-end dining, and craft breweries. Another benefit of the Residences at East Church is its proximity to prominent employers like Fort Detrick’s military biotechnical research facility.
The ACRES CEO, Mark Fogel said there was a need for quality housing options like the Residences at East Church. Especially since the city is experiencing employment growth and other area demand drivers, fueling the need for more quality housing.