Washington DC + DC Metro + Finance | January 16, 2023

The Dolben Company has closed $28.4-million permanent financing for Lake Arbor Towers, a lakeside community located along the Capital Beltway in Mitchellville, MD.

The Dolben Company Finalizes $28M Permanent Financing for Mitchellville Multifamily

Woburn, MA-based The Dolben Company has closed $28.4-million permanent financing for Lake Arbor Towers, a lakeside community located along the Capital Beltway in Mitchellville, MD.

Jamie Leachman, Jacqueline Meagher, Madeline Joyce and David Sloan of JLL worked on behalf of The Dolben Company (a privately held company that specializes in the management, development and acquisition of multifamily properties) to secure a 10-year fixed rate loan through Eastern Bank.

“Despite challenging market conditions in the fourth quarter, the Lake Arbor marketing process garnered over a dozen quotes from lenders,” said Meagher.

The 1989-constructed Lake Arbor Towers has 209 units and overlooks Northampton Lake. Community amenities include a swimming pool, sundeck, social room and fitness center.

The asset is three miles from the Largo Town Center Metro and is proximate to the $651 million University of Maryland Capital Region Medical Center and the Kaiser Permanente Largo Medical Center.

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JLL's Meagher

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.