JLL Capital Markets says it has arranged the $92.34 million construction financing for Parcel H, a 354-unit, to-be-constructed, 12-story apartment building in North Bethesda.
JLL worked on behalf of the borrower, LCOR, to secure the four-year, floating-rate loan through SMBC, the company said in a Nov. 28 statement. The structure will be sited at 5400 McGrath Blvd.
Design Collective in Baltimore is the architect.
In 2001, LCOR entered into a Joint Development Agreement, called the North Bethesda Master Plan, with the Washington Metropolitan Area Transit Authority.
Parcel H represents the fourth and final land parcel to be developed by LCOR in the agreement, and together, the four properties have been named “The Quad.” The building The three current properties include the 294-unit, 2021-built Arrowood; the 341-unit, 2014-built Aurora; and the 312-unit, 2008-built Wentworth House. Once Parcel H is completed, there will be over 1,300 adjacent, LCOR-operated units, as well as shared amenities, parking, operational efficiencies and a sense of community. .
“Parcel H is the final piece of LCOR’s tremendously successful Quad development in North Bethesda. It was a pleasure to arrange this construction financing for the LCOR team at this challenging time in the capital markets. SMBC delivered exactly the terms we were seeking and beat out numerous other lenders that also recognized the desirability of this sponsorship and location,” JLL senior managing director Jim Cadranell said in a statement.
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