$58M Refinancing Earmarked for Whitney Multifamily Property in Bethesda
Cushman & Wakefield has facilitated a $58 million refinancing of The Whitney, a 253-unit, Class A multifamily development in Bethesda, Md.
The owner of the property is a joint venture between a leading multifamily owner-operator and a global real estate investment manager.
Northwestern Mutual is sourcing the financing with a long-term, fixed-rate loan.
“This is a strong asset in a premier location with a proven property performance history with high occupancy levels and is owned by institutional sponsorship,” Brad Geiger, a senior director at Cushman & Wakefield, told Commercial Observer. “It’s a trophy quality asset that is prominently located at the gateway to Bethesda on Wisconsin Avenue. The asset features luxury units with high-end amenities.”
Located at 7707 Wisconsin Avenue, the property is situated in one of the Washington metro area’s most vibrant and thriving urban centers. It is walking distance to the Bethesda Metro Station, and there is plenty of nearby retail and restaurants.
“It was heavily pursued from lenders ranging from agency, banks and life companies during a time where many lenders were on the sideline due to COVID,” Phillip Mudd, Cushman & Wakefield’s executive managing director, said.
The Whitney offers amenities that include a resort-style pool, a fitness center, a conference room and a resident lounge.