Kettler announced that it has closed on a land and construction loan with lender Helaba. The real estate development company will proceed with plans for the development of a 101 unit high-rise apartment building in Bethesda, Maryland at 7535 Old Georgetown Road.
“This is the third construction loan we’ve closed with this institution in the last 18 months. Helaba continues to demonstrate its commitment and support to this market, our product and the sponsorship,” said Leslie Furst, senior vice president of finance for Kettler.
Currently known as Element 28, the luxury high-rise apartment tower will offer one, two and three bedroom units and approximately 3,500 square feet of retail. With demolition plans already underway, United Bank which was located on the site has relocated to a new Wisconsin Avenue location. Construction on Element 28 will commence in mid-2014.
The apartment community, designed by R2L Architects, will offer residents an array of luxury amenities in a boutique building located steps from the Bethesda Metro station. It will also be within walking distance of the Bethesda Row and Woodmont Triangle shopping districts in the heart of downtown Bethesda. Designed to attain LEED Silver certification, Element 28 will showcase an abundance of green building features, including a green rooftop offering indoor/outdoor lounge seating intended for resident gatherings and sweeping views of the Washington metro area. Additional amenities include a wine cellar, bicycle workshop, fitness center, private outdoor terraces, and a public plaza featuring a leaf-form architectural sculpture.
Asheel Shah, vice president of real estate investments for Kettler says, “The location of this property is exceptional. We’re expecting the activity brought on by residential commuters to undoubtedly reenergize this section of Old Georgetown Road and Commerce Lane. Living within walking distance of work, shops and entertainment are important to this demographic, all of which this community will provide.”
In addition to R2L Architects as the project’s architect and interior designer, the project team includes SK&A Engineers as the structural engineer, Parker Rodriguez will serve as landscape architect, KBR Building Group is the general contractor, and Bohler Engineering will serve as civil engineer.