NEBF partnered with Capital Properties to re-develop
two existing, obsolete office buildings into a luxury
mid-rise apartment community. Park Bethesda was positioned
to take advantage of the persistently strong demand
for apartment units in Bethesda, Maryland, a close-in
suburb of Washington, DC. But, the ground leased property
was encumbered by unsubordinated landlord financing,
preventing construction financing. NEBF delivered both
construction and equity funding and a structure to eliminate
the risk of the unsubordinated debt. NEBF Real Estate
staff also crafted a complex equity structure which
addressed our partner’s desire for graduated promote
hurdles. NEBF does not shy away from difficult tasks.
Rather, our imagination and flexibility will enable
us to further develop the site and structure solutions
to meet mutual needs and create additional opportunity.
Project Facts:
•
258-unit luxury apartment complex
•
Re-development of existing vacant office
buildings
