Northmarq Secures $141.7M in Financing for Two High-Rise Apartment Towers in Metro D.C.

BETHESDA AND SILVER SPRING, MD. — Northmarq has secured $141.7 million in financing for a two-property apartment tower portfolio in Washington, D.C.’s suburban Maryland region. The portfolio includes Solaire 7607 Old Georgetown, a new 22-story, 198-unit tower in Bethesda, and Solaire 1150 Ripley, a 16-story, 295-unit property in downtown Silver Spring that was built in 2012.

Jason Smith and Kenneth Gentzel of Northmarq’s D.C. office arranged the financing on behalf of the borrower, Washington Property Co. The direct lender was not disclosed.