Downtown Bethesda Tower Secures $103.5M in Financing
- Aug 21, 2015
By Liviu Oltean, Associate Editor
Commercial real estate services firm DTZ has secured $103.5 million in financing for a 366,161-square-foot office building in downtown Bethesda.
Known as the Montgomery Tower at Bethesda Crossing, the mid-rise is located at 4550 Montgomery Ave., in close proximity to the Bethesda Metrorail Station (Red Line) and Bethesda Row.
Despite being 35 years old, the tower was LEED Gold certified following an extensive renovation in 2014. Improvements included elevator modernization, lobby renovation, addition of a state-of-the-art fitness center, roof replacement, installation of a highly efficient cooling tower, full-building HVAC system upgrades and addition of a new filtration system.
DTZ Executive Managing Director John Campanella secured the financing on behalf of a joint venture between MRP Realty and Rockpoint Group LLC. “Montgomery Tower attracted numerous lenders and very aggressive pricing,” he said in a prepared statement. “Rates and terms are what you might see in the central business district.”