Klein Enterprises, a vertically integrated investor, developer, and operator of diversified real estate holdings, announced that the company closed an $85 million loan for the development of Aura, a transit-oriented luxury apartment complex in Largo, Maryland. This achievement is particularly significant given the current challenging financing environment, highlighting the confidence in Klein Enterprises’ longstanding record of delivering high-quality projects and performing as a best-in-class borrower.
“Aura represents a substantial milestone for Klein Enterprises, not only for the project’s scope and commitment to sustainable living but also for the financing secured during these uncertain times,” said Sean Garland, Klein’s Chief Investment Officer. “Securing such a substantial loan at a low 6 percent fixed interest rate, especially in a volatile financial climate, speaks volumes about the trust our financial partners have in our abilities and our project’s future success.”
Financing was arranged by Michael Raphael and Jason Gerstein of Rockville-based LGA Capital and provided by Northwestern Mutual. “The LGA team went above and beyond from our first discussion through closing, and we’re incredibly grateful for LGA’s relentless efforts and for the Northwestern Mutual team’s professionalism and hard work to bring this all to fruition. We look forward to expanding our relationship with both groups in the future,” Garland continued.
Aura, featuring 379 Class A apartments is being constructed by Baltimore County-based Chesapeake Contracting Group. With a total development cost greater than $125 million, construction began earlier this year and is set to deliver the first units by Q4 of 2024.
The apartments within Aura will stand as epitomes of luxury and sustainability, offering stainless steel appliances, custom cabinetry, LED lighting, walk-in closets, and in-unit washers and dryers. The apartment community will boast an array of amenities: a pool; 24-hour fitness center; resident lounge; dog park and pet spa; BBQ grilling areas; and electric vehicle charging stations. Additionally, the project will incorporate a series of green initiatives, including a rooftop solar array as well as other design components intended to meet NGBS Gold Certification standards.
Aura’s strategic transit-oriented location adjacent to the Blue and Silver Lines at the Largo Town Center Metro station is just 10 miles east of downtown Washington, D.C. Aura will also serve the growing downtown Largo community, including the recently completed University of Maryland Capital Region Medical Center Hospital located under a mile away.
Upon completion, the Aura project will be managed by The Dolben Company, a partner in both the building and management of various multifamily projects with Klein Enterprises.
“We are immensely proud of the Aura project and the journey it took to get here,” said Daniel Klein, president of Klein Enterprises. “It stands as a testament to our unwavering dedication and resilience, and will be a significant addition to our growing portfolio.”
