Cushman & Wakefield has facilitated the $58M refinancing of The Whitney, a 253-unit, Class-A multifamily community located at 7707 Wisconsin Avenue in Bethesda, MD.
The Cushman & Wakefield team of Phil Mudd and Brad Geiger represented the owner, a joint venture between a leading multifamily owner-operator and a global real estate investment manager, and sourced the debt from Northwestern Mutual.
“The property is situated at the gateway to Bethesda, one of Washington, DC metro area’s most vibrant and thriving urban centers,” said Phil Mudd, executive managing director at Cushman & Wakefield. “It was heavily pursued from lenders ranging from agency, banks and life companies during a time where many lenders were on the sideline due to COVID.”
The Whitney features luxury residential units and state-of-the-art amenities including a resort-style pool, fitness center, conference room and resident lounge, and is located within walking distance of the Bethesda Metro Station.
“The interest that The Whitney received was driven by an institutional sponsorship and strong property performance history,” said Brad Geiger, senior director at Cushman & Wakefield. “It has a proven track record of high occupancy levels, making it a hot commodity in the current environment.”
About Northwestern Mutual
Northwestern Mutual Real Estate is one of the largest real estate investors in the nation, with investments in commercial mortgages and equity investments across all major property types, including apartments, office, retail and industrial. The $50+ billion real estate investment portfolio is composed of approximately 80 percent fixed income and 20 percent equity investments.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com
