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Washington DC & Mid-Atlantic  + DC Metro  + Finance  |  July 8, 2020
David Cohen
By: David Cohen

JLL Secures $34M Refinancing for Bethesda Apartment Property

JLL has secured a $34.2 million loan to refinance Element 28, a 101-unit boutique apartment property in Bethesda.

Located at 100 Commerce Lane, the community also includes 3,500 square feet of ground-floor retail space. The property was built in 2017 and consists of a mix of one- two- and three-bedroom units. Amenities include a 24-hour concierge, Wi-Fi lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, rooftop lounge, green roof areas, plaza accessible bike parking and bike storage.

Kelly Gaines, Jennifer Keller, Jamie Leachman and Amy Lousararian of JLL secured the financing on behalf of the borrower, a partnership between institutional investors advised by J.P. Morgan Asset Management and KETTLER. MetLife Investment Management provided the three-year, floating-rate loan with two one-year extension options. Loan proceeds will be used to refinance existing debt.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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