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Northmarq Secures $142M for Maryland Luxury High-Rise Portfolio
Northmarq has arranged $141.73 million in financing for a two-asset, 493-unit portfolio of luxury high-rise apartment buildings in the Washington, D.C., metro area.
The firm’s Washington, D.C.-based Debt + Equity team, led by Jason Smith and Kenneth Gentzel, structured the deal on behalf of Washington Property Company, a prominent regional developer and owner.
The portfolio includes Solaire 7607 Old Georgetown, a newly delivered 22-story, 198-unit tower in Bethesda, and Solaire 1150 Ripley, a 16-story, 295-unit community in the heart of downtown Silver Spring. Both assets are located in high-demand, transit-oriented neighborhoods and feature a full suite of amenities.
“This transaction reflects the strength of institutional capital’s appetite for core multifamily product in high-barrier, Metro-served submarkets,” said Smith. Delivered in 2012, Solaire 1150 Ripley features 295 studio, one- and two-bedroom apartments. Solaire 7607 is within easy reach of the Bethesda Metro Station and the retail, dining and entertainment of Bethesda Row. The brand-new tower offers one- and two-bedroom units.
