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LCOR Refis North Bethesda Apartments for $72M
Newmark recently arranged a $72-million loan for the refinancing of Wentworth Apartment Homes, a Class A multifamily asset in North Bethesda, MD. 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.
“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 Badolato. “The fundamentals support future growth and the value of the asset was underscored by the competition for this financing.”
LCOR completed Wentworth in 2008, as the first of three multifamily communities the company has built to-date at the White Flint Metro Station.
- ◦Financing
