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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.

“Due to its size and complexity, this project required a high level of coordination and cooperation not only between Corus and the developer, but with a mezzanine lender, a first mortgage lender to finance the other two phases of the retail and residential, the City of Rockville and Montgomery County,” Corus Bank senior vice president John M. Barkidjija says of the financing. “Although the loan exceeds $100 million, Corus will hold the entire loan without participants.”

Town Square will be the jewel of Town Center, which is designed to spur the revitalization of Downtown Rockville. The first structures are scheduled to deliver sometime in the fall of 2006.

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