LCOR has received $92.3 million in financing for the development of Parcel H, a 354-unit luxury project in North Bethesda, Md. Sumitomo Mitsui Banking Corp. provided the four-year, floating-rate loan. JLL Capital Markets represented the borrower in the deal.
The community is the final component of The Quad, a four-property, 1,312-unit project developed by LCOR under the North Bethesda Master Plan agreement signed with the Washington Metropolitan Area Transit Authority. Apart from Parcel H, The Quad also includes 294-unit Arrowwood, the 341-unit Aurora and the 312-unit Wentworth House, all three completed between 2008 and 2021.
The JLL Capital Markets Debt Advisory team included Senior Managing Directors Jon Mikula, Jim Cadranell and Jamie Leachman, together with Associate Ryan Carroll. Earlier this year, another JLL team secured $94 million in financing for a 307-unit project in New Rochelle, N.Y., also developed by LCOR.
The final community within The Quad
Design Collective provided architecture services for Parcel H. The 12-story building is set to comprise one-, two- and three-bedroom layouts, as well as nine penthouse units, averaging 881 square feet. Apartments will feature washers and dryers, HVAC thermostats and quartz countertops.
Common-area amenities are set to include a fitness center, outdoor swimming pool, courtyard, resident lounge with coworking stations, meeting rooms and children playrooms. In addition, there will be a penthouse lounge with gaming areas and a golf simulator.
The transit-oriented community will rise at 5400 McGrath Blvd., close to the Pike & Rose shopping mall. Montrose Crossing Shopping Center, Towne Plaza and Federal Plaza, offering a host of dining and retail opportunities, are less than 2 miles away. Downtown Washington, D.C., is some 12 miles southeast, while Dulles International Airport is within 24 miles.
