Klein Enterprises Closes on $85M Financing for Largo Apartments
By Mark Hallum August 16, 2023 4:00 pm
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Klein Enterprises has closed on an $85 million loan for the development of a 379-unit luxury apartment complex in the Washington, D.C. suburb of Largo, Md. in Prince George’s County.
The Baltimore-based developer has already broken ground on the Aura — which the multifamily development will be called — with plans to complete the project by the end of 2024 at a cost of over $125 million, according to Klein.
Northwestern Mutual, which provided the loan at a 6 percent fixed-rate, did not immediately respond to a request for comment.
“Aura represents a substantial milestone for Klein Enterprises, not only for the project’s scope and commitment to sustainable living but also for the financing secured during these uncertain times,” Klein chief investment officer Sean Garland said in a statement.
Michael Raphael and Jason Gerstein of LGA Capital arranged the financing for Klein, but did not immediately respond to a request for comment.
Chesapeake Contracting Group is the contractor behind the buildout of the complex. When complete, it will have a fitness center, resident lounge, dog park, pet spa, grilling areas and electric vehicle charging stations, according to Klein.
Upon completion, Klein’s joint venture partner The Dolben Company will manage the day-to-day operations.
Mark Hallum can be reached at mhallum@commercialobserver.com.
