LCOR Secures $92M to Construct Final Building in Bethesda’s The Quad
LCOR, a Bethesda, Md.-based developer, has secured $92.3 million in construction financing for Parcel H, a 354-unit luxury apartment building coming to North Bethesda, after more than 20 years in the making.
JLL facilitated the four-year, floating-rate loan through Sumitomo Mitsui Banking Corporation (SMBC) for the 12-story project. No other financing details were disclosed.
The development has been in the works since 2001, when LCOR collaborated with the Washington Metropolitan Area Transit Authority as part of the North Bethesda Master Plan and entered into a joint development agreement.
As part of the plan, the partners were awarded the rights to develop four land parcels, known collectively as The Quad. The current development at 5400 McGrath Boulevard is the last of the four. The three developed properties consist of the 294-unit Arrowood, built in 2021; the 312-unit Wentworth House, built in 2018; and the 341-unit Aurora, built in 2014.
“It was a pleasure to arrange this construction financing for the LCOR team at this challenging time in the capital markets,” Jim Cadranell, JLL’s senior managing director, said in a prepared statement. “SMBC delivered exactly the terms we were seeking and beat out numerous other lenders that also recognized the desirability of this sponsorship and location.”
When Parcel H is finished, the Quad will have nearly 1,300 adjacent, LCOR-operated units, as well as shared amenities and parking.
Parcel H will offer one-, two- and three-bedroom units as well as nine penthouse units. Amenities will include a fitness center, an outdoor pool, an outdoor courtyard with grilling stations and fire pits, and a penthouse lounge featuring gaming areas and a golf simulator.
All buildings in The Quad are a short walk from the North Bethesda Metro station, as well as retailers such as Harris Teeter and Whole Foods.
Joining Cadranell on the financing team were JLL’s Jon Mikula, Jamie Leachman and Ryan Carroll.
Requests for comment from SMBC and LCOR were not immediately returned.
Keith Loria can be reached at Kloria@commercialobserver.com.