LCOR Lands $92M Construction Financing For North Bethesda Apartments
The last of four apartment buildings planned next to the North Bethesda Metro station has secured $92M in construction financing.
LCOR obtained a four-year, floating-rate loan from SMBC, with JLL brokering the deal, the brokerage firm announced Tuesday. The 12-story project at 5400 McGrath Blvd. is planned to have 354 units.
The project is planned for Parcel H, the final portion of LCOR's The Quad development, which will total more than 1,300 units when the new building is completed. It is part of a 32-acre site owned by the Washington Metropolitan Area Transit Authority, which entered into a joint development agreement with LCOR in 2001.
The JLL financing team was led by Senior Managing Directors Jon Mikula, Jim Cadranell and Jamie Leachman, as well as associate Ryan Carroll.
“It was a pleasure to arrange this construction financing for the LCOR team at this challenging time in the capital markets,” Cadranell said in a release. “SMBC delivered exactly the terms we were seeking and beat out numerous other lenders that also recognized the desirability of this sponsorship and location.”
The building will join the 294-unit Arrowwood, which delivered in 2021; the 341-unit Aurora, which delivered in 2014; and the 312-unit Wentworth House, completed in 2008.
Shared amenities between the buildings include a pool, a courtyard with grilling stations and firepits, a dog park, indoor and outdoor children’s playrooms, a penthouse with a golf simulator, and coworking spaces. A Harris Teeter grocery store is also located within The Quad.
The development sits across Rockville Pike from Federal Realty's massive Pike & Rose mixed-use development. LCOR Executive Vice President Harmar Thompson, speaking at an August 2021 Bisnow event, said one of the area's biggest needs is better pedestrian infrastructure to connect the developments on opposite sites of the busy thoroughfare.
