Washington, DC – Cassidy Turley announced today that it arranged a ten-year, fixed rate loan for The Whitney at Bethesda Theatre residences located in Bethesda, MD. The $47 million loan was provided by a life insurance company. Phil Mudd and Christian Miles of Cassidy Turley arranged the financing on behalf of Whitney Apartments, LLC.
“We tracked the pricing of the agencies, Fannie and Freddie, for months leading up to the financing, as they were the logical lenders for this property,” commented Mr. Mudd, Senior Managing Director. “At the last moment, however, the life companies tightened their pricing and made this deal possible.”
“When you combine modest leverage with a high quality apartment property and strong sponsorship, you have the key ingredients for a strong financing,” stated Mr. Miles, Senior Managing Director. “All the lenders recognized this, and bid aggressively for this financing.”
The Whitney is a Class A rental luxury residential complex consisting of 205 tower apartment homes, 39 elegant villa residences and 9 distinctive townhouses. The property is exceptionally located, just a short walk from the Bethesda Metro station and the numerous restaurants and nightlife for which Bethesda is known. The Whitney features first class amenities including concierge service, a 24-hour fitness center, a business center, an entertainment room and a resort style pool.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 420 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley partners with GVA Grimley, the founder and majority shareholder of GVA Worldwide. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.
Maureen Wheeler 202.463.1138