$34M in Financing Arranged for Bethesda Mixed-Use Building
A joint venture between institutional investors advised by J.P. Morgan Asset Management and KETTLER has received $34.2 million in refinancing for Element 28, a 101-unit boutique apartment building in Bethesda, Md., Commercial Observer has learned.
Located at 100 Commerce Lane, the property also includes 3,500 square feet of ground-floor retail space.
JLL Capital Markets arranged a three-year, floating-rate loan with two one-year extension options with MetLife Investment Management on behalf of the borrower, with the money earmarked to refinance existing debt.
“Asset quality, location, lower leverage point and Class A sponsorship made this an attractive financing opportunity,” Kelly Gaines, JLL’s senior managing director, told CO.
Originally built in 2017, Element 28 features one- two- and three-bedroom units boasting Bosch and Thermador appliances, designer lighting and private terraces. Amenities include a 24-hour concierge, temperature-controlled wine lockers and transit screen providing real time status of transit options.
“The core downtown Bethesda location that is walkable to public transportation along with the significant new development on the office side will bring new employees and residents to the immediate area,” Jamie Leachman, JLL’s managing director, told CO.
The JLL Capital Markets debt placement team also included Senior Director Jennifer Keller and Associate Amy Lousararian.