LCOR has secured a $72 million refinancing for Wentworth Apartment Homes, a 312-unit, Class A multifamily high-rise in North Bethesda, Md., Commercial Observer has learned.
Newmark arranged the financing through the New York office of German lender BayernLB.
“Despite COVID-19 headwinds, rental demand for Wentworth and surrounding Class A product in North Bethesda has remained strong and outperformed the greater submarket,” Jim Badolato, Newmark’s executive managing director, said. “This is an ideal rental location with proximity to high-paying jobs and mass transit. The fundamentals support future growth and the value of the asset was underscored by the competition for this financing.”
Located at 5411 McGrath Boulevard, the property features a Harris Teeter grocery store, which includes a pharmacy and a Starbucks.
The property is just east of Rockville Pike, located within the popular Pike District. It’s close to the White Flint Metro Station, which provides easy access to Washington, D.C., just 20 minutes away.
LCOR developed the Wentworth in 2008 as one of three multifamily communities in the White Flint Metro Station. The other two are the 341-unit Aurora, and the brand-new, 294-unit Arrowwood Apartments, which is currently in lease-up.