LCOR announced that it has secured $92.34 million in construction financing for Parcel H, a 354-unit, to-be-constructed, 12-story luxury apartment building located within the Washington, D.C., metropolitan area in North Bethesda, Md.
JLL worked on behalf of the borrower to secure the four-year, floating-rate loan through SMBC.
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 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 more than 1,300 adjacent, LCOR-operated units, as well as shared amenities, parking, operational efficiencies and a sense of community.
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