Northmarq has arranged $141.73 million in financing for a two-asset, 493-unit portfolio of high-rise apartment buildings in Montgomery County. The deal was structured by Northmarq’s Washington, D.C.-based Debt + Equity team, led by Jason Smith and Kenneth Gentzel, on behalf of Washington Property Company.
The portfolio consists of two assets. Solaire 7607 Old Georgetown is a newly delivered 22-story tower in Bethesda with 198 one- and two-bedroom units averaging 884 square feet. Located in the Woodmont Triangle neighborhood, the property is within walking distance of the Bethesda Metro Station and Bethesda Row’s retail, dining, and entertainment options. Amenities include a rooftop and penthouse terrace lounge, a fitness center, pet spa, and concierge services.
Solaire 1150 Ripley, located in Downtown Silver Spring, features 295 studio, one-, and two-bedroom apartments with an average size of 865 square feet. Delivered in 2012 and situated just steps from the Silver Spring Metro Station and Georgia Avenue, the community offers amenities such as a rooftop lounge, 24-hour fitness center, resident theater, valet dry cleaning, and secure underground parking.
“This transaction reflects the strength of institutional capital’s appetite for core multifamily product in high-barrier, Metro-served submarkets,” said Jason Smith.