North Bethesda Center is undergoing its transformation faster than expected. And now, with today's announcement that financing is secured for The Aurora, that section of the city is even closer to looking completely different. This new apartment building will be an 18-story, 341-unit rental property estimated to cost about $86M by LCOR. Click through for the press release.
PRESS RELEASE:
LCOR SECURES $43 MILLION CONSTRUCTION LOAN FOR ITS
SECOND RESIDENTIAL PHASE OF NORTH BETHESDA CENTER
North Bethesda (April 27, 2012) - LCOR, a leading real estate investment and development company, closed on construction financing for a new 18-story, 341-unit, $86 million rental property to be located at North Bethesda Center at the White Flint Metrorail Station in Maryland. The project is slated for completion in July 2014.
LCOR secured a $43 million construction loan for the project from Sovereign/Santander and plans to break ground in May 2012. Leasing is anticipated to begin early 2014.
The rental building will be located at the northeast corner of North Bethesda Center, a bustling 2.7 million sq. ft. live-work community rising just outside of Washington, D.C. Aurora will include 341 apartments in addition to a 386 space parking garage.
“LCOR’s vision for North Bethesda Center is swiftly coming to fruition as we steadily hit notable milestones with the upcoming groundbreaking of the second residential phase of this project,” said Michael Smith, Vice President of LCOR. “With the positive response to the first residential phase of this mixed-use community, we are confident Aurora will stand as a successful addition to North Bethesda Center.”
Designed by WDG Architects, residents at Aurora will enjoy a high-end residence with a complete package of premium services and amenities. Homes range from spacious studios, one-bedroom, one-bedroom with den and two-bedroom layouts. Each apartment will feature gourmet kitchens with stainless steel appliances, stackable washers and dryers in every residence, wall-to-wall carpet and private balconies or terraces in most units.
Building amenities include a well-appointed lobby; a fully equipped high-tech business center; community room; roof deck with a sensational view; state-of-the-art fitness center; swimming pool and gorgeous community gardens.
LCOR’s North Bethesda Center, the largest joint development project ever approved by the Washington Metropolitan Area Transit Authority, creates an urban neighborhood within steps of Red Line metro service. This more than 32-acre city-within-a-city will be equipped with sophisticated residences, office space, diverse shopping options, dining, entertainment and public outdoor spaces, all a short walk from the White Flint metro station. A leader in mixed-use transit oriented development, LCOR brings decades of expertise in developing dynamic communities that serve as destinations for live, work and play.
· LCOR [OfficialSite]