JLL Capital Markets announced that it has arranged a $34.25 million refinancing for Element 28, a 101-unit, best-in-class boutique apartment building with 3,500 square feet of ground-floor retail space in Bethesda, Maryland.
JLL worked on behalf of the borrower, a partnership between institutional investors advised by J.P. Morgan Asset Management and KETTLER, to place the three-year, floating-rate loan with two one-year extension options with MetLife Investment Management. Loan proceeds will be used to refinance existing debt.
Constructed in 2017, Element 28’s mix of one- two- and three-bedroom units features best-in-class unit features, including Bosch and Thermador appliances with paneled refrigerators and dishwashers, designer lighting package with island pendants and kitchen task lighting, MechoShade blinds, white quartz and granite countertops, glass kitchen backsplashes, wood plank flooring, private terraces, custom closet shelving and stone-tiled spa showers and soaking tubs. Community amenities include a 24-hour concierge, WiFi lounge with complimentary coffee, temperature-controlled wine lockers, conference room fitness studio, retractable glass-walled rooftop lounge, green roof areas, plaza accessible bike parking, bike storage and transit screen providing real time status of transit options.
Element 28 is at 100 Commerce Lane, an irreplaceable location steps from the intersection of Wisconsin Avenue and Old Georgetown Road in Bethesda’s live-work-play area. With a WalkScore® of 95, which categorizes the property as a “Walker’s Paradise,” Element 28 is one block from the Bethesda Metro Station and near the high-end shopping at Bethesda Row and Woodmont Triangle.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Kelly Gaines, Senior Director Jennifer Keller, Managing Director Jamie Leachman and Associate Amy Lousararian.
“The strength of the sponsorship, Class A+ product and core location in one of the most sought-after markets in the D.C. Metro all contributed to tremendous interest from the lending community,” Leachman said. “JLL is thrilled to have helped the partnership close this transaction with Met Life, who performed flawlessly and never wavered during these uncertain times.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
