Bethesda to Gain More Than 600 Apartments in 2015
- Oct 03, 2013
More apartments are coming to one of the most affluent and highly educated communities in the United States, as two projects in Bethesda have recently taken important steps in the development process. By 2015, they will deliver more than 600 new residential units to the hot D.C. suburb.
Bethesda-based StonebridgeCarras has landed $121.6 million in construction financing for the development of 8300 Wisconsin. Located on a 1.6-acre site at the intersection of Battery Lane, just south of the National Institutes of Health and Walter Reed campuses, 8300 Wisconsin will deliver 359 luxury apartments and a 50,000-square-foot Harris Teeter grocery store. The nine-story, mixed-use building will occupy an entire city block and will feature such amenities as a landscaped courtyard, rooftop swimming pool, rooftop demonstration kitchen, clubroom, fitness center, business center, 24-hour concierge service and underground parking. The 430,000-square-foot project is expected to be completed by the third quarter of 2015. It has been designed to achieve LEED Silver certification.
Holliday Fenoglio Fowler arranged the construction financing through Wells Fargo Bank and made the announcement on Sept. 30. Sue Carras, Walter Coker and Brian Crivella led the HFF debt placement team. On the same day, HFF announced it arranged $52 million in financing for Audubon Estates, a 701-home site manufactured-home community in nearby Alexandria, Va.
The second Bethesda development with something to celebrate last week was 7770 Norfolk. A joint venture between The JBG Cos., ROSS Development & Investment and the CIM Group, the project broke ground on Oct. 3. Montgomery County Executive Isiah Leggett and County Councilmember Roger Berliner were among those present at the event.
7770 Norfolk will be a mixed-use, 17-story building located at the corner of Woodmont and Norfolk avenues. It includes 244 residential units and 6,000 square feet of retail. Amenities include four levels of below-grade parking, a resort-style pool deck and a lounge on the rooftop. The modern, glass-wrapped building is slated to be completed in mid-2015. Constructed by Clark Construction, the project is designed to achieve LEED Silver certification.