BETHESDA, MD-Forest City Enterprises Inc. has obtained a $95-million Fannie Mae financing for The Grand, a 549-unit apartment complex in Bethesda. The company developed the high-rise, located at 5801 Nicholson Lane, in 1999 and in 2010.
Forest City formed a 50/50 joint venture partnership with Bernstein Management Corp. for the control of the 673,000-square-foot property. KeyBank Real Estate Capital closed the deal. The 10-year loan has five years of interest-only. In the Bethesda multifamily property, 100 units are modeled as affordable housing. For the full story, go to Commercial Property Executive .
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