BETHESDA, MD -ZOM Living and Mitsui Fudosan America will break ground in March on Maizon Bethesda, an urban transit-oriented development, located only two-blocks from the Bethesda Metro Station. The site boasts an impressive 99 Walk Score with pedestrian access to a variety of dining, entertainment and retail venues, as well as 14 million square feet of Class A office space. Bethesda’s job base has been bolstered by recent notable corporate relocations, including hospitality giant Marriott International, Host Hotels, Booz Allen Hamilton, JBG Smith, Fox 5 News and Orano USA. 

“We are excited to partner with Mitsui Fudosan America on our first joint venture together,” said Andrew Cretal, Senior Vice President of ZOM Mid-Atlantic. “Both teams are committed to bring a new level of quality, unit features and amenities to Maizon Bethesda that will truly embody luxury urban living in the most walkable location of Bethesda.”

“We are thrilled to join forces with ZOM Living, as we expand our presence in the Washington metropolitan area,” said Julius Goldman, Director of Acquisitions, Mitsui Fudosan America. “Bethesda is a vibrant city with an expanding workforce and we look forward to making a state-of-the-art development, which will have a variety of benefits for the community.”

Maizon Bethesda will feature a mix of Studio, 1BR, 2BR, 3BR and Terrace floorplans. Units will offer the sophisticated chef inspired kitchens featuring movable islands, quartz countertops, Italian style cabinetry, floor to ceiling windows with roller shades, wide plank flooring, private balconies or terraces in many units, and a keyless entry system. Terrace floorplans will feature European appliances and an upgraded finish package. Unit sizes will range from 500 to 1,800 SF.

Residents of Maizon Bethesda will also delight in a full suite of amenities concentrated primarily on the ground floor, and at the roof level. The building lobby will feature concierge service, café and e-lounge, club quality exercise facility with spin and yoga room for private training sessions. The building’s mail room will also contain a self-service package room, giving residents the option to pick up packages at any hour of the day. 

Maizon Bethesda’s rooftop deck will contain an infinity-edged pool surrounded by a landscaped terrace with seating and grilling stations. The roof level will also house a conservatory lounge where residents can relax and entertain guests. Concierge services offered to residents will include package delivery, dog walking and grocery buy and delivery.

SK+I is providing design and architectural services, and Balfour Beatty has been selected as general contractor.

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WALNUT CREEK, CA – Walker & Dunlop announced that it arranged construction financing in the amount of $59,572,196 for the development of the Rise Walnut Creek apartments. Located in Walnut Creek, California, the project benefits from its proximity to San Francisco, one of the nation’s most active multifamily markets with consistently above-average employment rates, sustained rent growth, and high occupancy. The project also enjoys a strategic location at the center of Walnut Creek’s downtown commercial and retail district, which serves as a business and entertainment hub for neighboring towns.

Capital Markets Managing Directors Kevin O’Grady and Eric McGlynn led the Walker & Dunlop team, which arranged the financing on behalf of the developer, Florida-based Rescore Property Corp., a private REIT founded by Arthur Falcone, Tony Avila, and Bill Powers, and their local partner, Align Real Estate. Drawing from their broad network of capital providers, O’Grady and McGlynn identified Barings LLC as the developer’s ideal partner for the senior financing. The nonrecourse loan represented 80 percent of the total project cost.

The Rise Walnut Creek is the seventh construction loan that the Walker & Dunlop team has sourced for Rescore’s ‘Rise’ product line, which features contemporary design and innovative amenities. Once complete, the six-tale building will include 10,577 square-feet of retail space, luxury amenities, and a residential lobby with controlled access to the units. Averaging 754 square feet, 20 of the 97 apartment units are designated for small-term rentals. The project will also include two levels of dedicated basement parking. 

Said McGlynn, “Rise Walnut Creek is a creative project that satisfied the city’s desire for more small-term stay units, which are in very limited supply, as well as Rescore’s desire to deliver luxury residential in the high barrier-to-entry, dynamic downtown Walnut Creek market.”

Based in Miami, Florida, O’Grady and McGlynn have been active in structuring nonrecourse construction loans nationwide for apartments, condominiums, hotels and mixed-use properties. The team also focuses on identifying providers of equity, structured debt, and portfolio financing for developers and value-add owners and operators. As a team, they have closed over $16 billion in debt and equity transactions.

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ATLANTA, GA – PointOne Holdings, a real estate investment firm with offices in Hollywood Florida and Atlanta Georgia, announced the sale of Crestmark Apartments located in the Metro Atlanta city of Lithia Springs. The property generated a return multiple of 2.5 times the total equity invested in a period of two and a half years.

“Crestmark Apartments is an brilliant example of a successful execution by PointOne Holdings with the help of Pegasus Residential,” said Ben Colonomos, PointOne Holdings’ Managing Partner. “During the period in which PointOne Holdings owned and operated the property, occupancy increased from 93 to 98 percent, average effective rents increased by 23 percent while its net operating income increased by 38 percent.”

“We are extremely proud to have successfully exited another asset making outsized profits to our investor community while delivering a proven value-add opportunity to the property’s new buyer” said Leo Peicher, PointOne Holdings’ Managing Partner. “In the last year we have successfully executed our strategy to exit all of the pre-2000 vintage multifamily properties in our portfolio generating a total value of $215 million to our investors.”

The property was successfully marketed and sold by Chad DeFoor of ARA-Newman, Knight, Frank. “The PointOne team did an brilliant job at Crestmark of maximizing their returns to investors while still maintaining an achievable value-add tale for the next owner” said Chad DeFoor.

PointOne Holdings has strategically shifted into developing projects in certain Southeastern primary market suburbs and just recently completed its sixth fund, which will develop 1,200 multifamily units for a total combined value of $180 million.

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