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| Element 28 Apartments, 100 Commerce Lane, Bethesda, MD |
WASHINGTON, DC – JLL
Capital Markets announced it has arranged a $34.25 million refinancing for Element
28, a 101-unit, best-in-class boutique apartment building with 3,500 square
feet of ground-floor retail space in Bethesda, Maryland.
JLL worked on behalf of the borrower, a partnership between
institutional investors advised by J.P. Morgan Asset Management and KETTLER, to
place the three-year, floating-rate loan with two one-year extension options
with MetLife Investment Management. Loan proceeds will be used to refinance
existing debt.
Constructed in 2017, Element 28’s mix of one- two- and
three-bedroom units features best-in-class unit features. They include Bosch
and Thermador appliances with paneled refrigerators and dishwashers, designer
lighting package with island pendants and kitchen task lighting
Also, MechoShade blinds, white quartz and
granite countertops, glass kitchen backsplashes, wood plank flooring, private
terraces, custom closet shelving and stone-tiled spa showers and soaking tubs.
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| Kellogg (Kelly) Gaines |
Community amenities include a 24-hour concierge, WiFi lounge with
complimentary coffee, temperature-controlled wine lockers, conference room
fitness studio, retractable glass-walled rooftop lounge, green roof areas,
plaza accessible bike parking, bike storage and transit screen providing real
time status of transit options.
Element 28 is at 100 Commerce Lane, an irreplaceable location
steps from the intersection of Wisconsin Avenue and Old Georgetown Road in
Bethesda’s live-work-play area.
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| Jennifer Keller |
With a WalkScore® of
95, which categorizes the property as a “Walker’s Paradise,” Element
28 is one block from the Bethesda Metro Station and near the high-end shopping
at Bethesda Row and Woodmont Triangle.
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| Jamie Leachman |
The JLL Capital Markets Debt Placement team representing the
borrower was led by Senior Managing Director Kelly Gaines, Senior
Director Jennifer Keller, Managing Director Jamie Leachman and
Associate Amy Lousararian.
“The strength of the sponsorship, Class A+ product and core
location in one of the most sought-after markets in the D.C. Metro all
contributed to tremendous interest from the lending community,” Leachman said.
“JLL is thrilled to have helped the partnership
close this transaction with Met Life, who performed flawlessly and never
wavered during these uncertain times.”
JLL Capital Markets is a full-service global provider of capital
solutions for real estate investors and occupiers. The firm's in-depth local
market and global investor knowledge delivers the best-in-class solutions for
clients — whether investment advisory, debt placement, equity placement or a
recapitalization.
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| Amy Lousararian |
The firm has more than 3,700 Capital Markets
specialists worldwide with offices in nearly 50 countries.
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visit our newsroom.
CONTACT:
Kimberly Steele
JLL
Senior Associate
Public
Relations
Phone: +1 713 852 3420
