Bethesda, Maryland

National 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. National delivered both construction and equity funding and a structure to eliminate the risk of the unsubordinated debt. National Real Estate staff also crafted a complex equity structure which addressed our partner’s desire for graduated promote hurdles. National 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 • Redevlopment of existing vacant office buildings • Joint venture development with Capital Properties

National Delivered: • Equity capital • Customized partner promote structure • Construction financing