U.S. Duball, Japan’s Daiwa to invest $150 mln in multifamily project

A joint venture (JV) among affiliates of U.S. real estate developer and investor Duball LLC, Japanese homebuilder Daiwa House Group and the Housing Opportunities Commission of Montgomery County has bought a 1.5-acre site in downtown Rockville, Maryland.

The acquired site, located at the corner of Middle Lane and Monroe Street in Rockville, will immediately be developed into a $150 million eighteen story building.

The project will have 250 market rate multifamily residential units, 150 senior affordable multifamily residential units, 19,000 square feet of street-level retail and over 600 parking spaces.

U.S. lender M&T Bank is providing building funding for the project, that is, $61.4 million for the market rate multifamily and retail components and $24 million for the senior affordable housing component.