JLL Capital Markets arranges $28.37 million financing for the 209-unit Lake Arbor Towers in downtown Mitchellville, MD

 

Jacqueline Meagher

BOSTON, Jan. 9, 2023 – JLL Capital Markets announced today that it has closed the $28.37 million permanent financing for Lake Arbor Towers, a lakeside apartment community located along the Capital Beltway in Mitchellville, Maryland.

 

JLL worked on behalf of the borrower, The Dolben Company, to secure the 10-year fixed rate loan through Eastern Bank.

 

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jamie Leachman, Director Jacqueline Meagher, Associate Madeline Joyce and Analyst David Sloan.

 Madeline Joyce

“Despite challenging market conditions in the fourth quarter, the Lake Arbor marketing process garnered over a dozen quotes from lenders,” said Meagher.  “This is a testament to the Dolben team and their operations, as well as Eastern Bank providing a creative and successful outcome.”

 

 Built in 1989 and renovated in 2010, Lake Arbor Towers overlooks Northampton Lake, offering residents lake views from their private decks and access to jogging and bike trails. 

The community features 209 modern floor plans across 110 one-bedroom and 99 two-bedroom units, ranging from 675 square feet to 1,100 square feet. The apartments offer in-unit washers and dryers, renovated kitchens and baths, energy efficient designs and spacious closets. Community amenities include a swimming pool, sundeck, social room and fitness center.

Jamie Leachman

Located at 11411 Lake Arbor Way, Lake Arbor Towers is less than three miles from the Largo Town Center Metro (Blue and Silver Line), which offers residents a quick metro ride to downtown Washington, D.C. 

In addition, residents have direct access to I-495 and E Capital St via Central Ave., providing seamless connectivity around the beltway. 

David Sloan

The property is within proximity to two of the region’s largest demand drivers, the brand new, $651 million University of Maryland Capital Region Medical Center, which delivered in June 2021, and the Kaiser Permanente Largo Medical Center. 

The asset is also a 30-minute drive to Fort Meade, the largest employer in Maryland and home to the National Security Agency and the Department of Defense.

 

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 CONTACT: 

 

 Jenna Sharp

 Associate

Public Relations

Phone: +1 214 394-3356

Email:  Jenna.Sharp@am.jll.com

jll.com.