May 7, 2021 3:00 PM
Newmark announced the arrangement of a $72 million loan for the refinancing of Wentworth Apartment Homes (Wentworth), a Class A multifamily asset in North Bethesda, Maryland. Executive Managing Director Jim Badolato of Newmark’s Debt & Structured Finance Group represented the borrower, LCOR, in the refinancing. The loan was provided by the New York office of German lender BayernLB. LCOR, which specializes in complex urban development, owns and manages properties across the U.S. with decades of experience in the Washington DC metro area.
Located at 5411 McGrath Boulevard, Wentworth is a high-rise, 312-unit multifamily asset offering residents a high-end amenity package and garage parking. The community features a Harris Teeter grocer which serves the neighborhood and includes a pharmacy and a Starbucks.
“Despite COVID-19 headwinds, rental demand for Wentworth and surrounding Class A product in North Bethesda has remained strong and outperformed the greater submarket,” said Jim. “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.”
North Bethesda is a major suburban hub approximately 12 miles north of Washington DC. The property is well-connected from a commuting standpoint–situated to the east of Rockville Pike at the White Flint Metro Station, within the popular Pike District. Rockville Pike is the major north-south commercial artery and the backbone for multifamily and commercial development, locally; and the White Flint Metro Station is one of two major Metro stations in North Bethesda that provide access to Washington DC to the south.
LCOR completed development of Wentworth in 2008 and it is the first of three multifamily communities they have built to-date at the White Flint Metro Station. The other two include the 341-unit Aurora high-rise, and the brand-new, 294-unit Arrowwood Apartments which is currently in lease-up.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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