July 8, 2020
JLL has secured a $34.2 million loan to refinance Element 28, a 101-unit boutique apartment property in Bethesda.
Located at 100 Commerce Lane, the community also includes 3,500 square feet of ground-floor retail space. The property was built in 2017 and consists of a mix of one- two- and three-bedroom units. Amenities include a 24-hour concierge, Wi-Fi lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, rooftop lounge, green roof areas, plaza accessible bike parking and bike storage.
Kelly Gaines, Jennifer Keller, Jamie Leachman and Amy Lousararian of JLL secured the financing on behalf of the borrower, a partnership between institutional investors advised by J.P. Morgan Asset Management and KETTLER. MetLife Investment Management provided the three-year, floating-rate loan with two one-year extension options. Loan proceeds will be used to refinance existing debt.
For comments, questions or concerns, please contact David Cohen