BETHESDA, MD-Moving forward to build out its North Bethesda Center, LCOR has secured funding for a new $86-million rental property at the massive mixed-use community. Foreign lender Sovereign/Santander is providing a $43-million construction loan. With the financing in hand, LCOR expects to break ground on the 341-unit project, called the Aurora, next month. Designed by WDG Architects, the apartment building is expected to deliver in July 2014.
The lender has underwritten other projects by LCOR, EVP Mike Smith tells GlobeSt.com. “They are very interested in the DC market,” he comments, “and they were looking for an opportunity to invest with us in this project.” Smith adds that LCOR is hopeful the institution will become a long-term lender with it on a variety of construction starts associated with North Bethesda Center.
As the company puts its final touches on a plan to expand the site from its current 2.7 million square feet to 4.5 million feet, such opportunities are bound to increase. So far there are three buildings committed to the site, including the 18-story Aurora. Smith says he is in discussions with hotel, retail and office user groups for projects in each of these three areas. At the same time, the company is—as part of the process to expand the site’s density—engaging with the market to see where the most demand is. “We are also putting together internal studies to determine how to best allocate that density across the property.”
Located on 32 acres, the 2.7-million-square-foot North Bethesda Center is the largest joint development project approved by the Washington Metropolitan Area Transit Authority. LCOR envisions it as a city-within-a-city with residences, office space, retail, dining, entertainment and public outdoor spaces. It is within walking distance of the White Flint metro.
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