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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.

“Our acquisitions team was able to see very good relative value and structure to mitigate risk for our investors in a deal that has significant upside potential,” says Robert Fabiszewski, GMAC Institutional executive vice president and managing director of equity real estate.” The JV will acquire the property upon its planned summer 2006 completion.

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