MAC Realty Advisors (MAC), on behalf of Foulger-Pratt and Promark Partners placed a $72.5 million long-term, fixed-rate construction-to-permanent loan from a national lender for the development of North Bethesda Gateway. This project is a new 335-unit luxury apartment community in the North Bethesda-White Flint submarket of Montgomery County, Maryland. The transaction closed in September 2020.
We are thrilled to be moving forward with the North Bethesda East Village project,” stated Cameron Pratt, Foulger-Pratt’s CEO. “This new development will serve the modern working professional by offering a dynamic amenity package and attractive design, resulting in a superb living experience.”
“This was a fortuitous opportunity to place a long-term financing on a high-quality apartment community in a sought-after submarket with a noted development team,” added Andrew McAllister, Executive Director at MAC. “We generated substantial interest from a half dozen lending sources, all willing to provide 20 plus year financing.”