Skip Ribbon Commands
Skip to main content

News release

WASHINGTON, D.C.

Jones Lang LaSalle Secures $27 Million in Acquisition Financing for Suburban D.C. Multifamily Community

The Meridian Group secured financing for North Bethesda property through Capital One, N.A.


WASHINGTON, D.C., November 12, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $27 million in acquisition financing for Morgan Apartments in suburban Washington, D.C.  Capital One, N.A. provided the loan for the 127-unit apartment community located in North Bethesda, Maryland.

The property is 95 percent occupied and is owned and managed by The Meridian Group. Situated on nearly five acres and proximate to the White Flint Metro Station, the Morgan Apartments enjoys a location amidst a strong amenity base and transit-oriented neighborhood.  

Managing Director Wesley Boatwright along with Executive Vice Presidents Mike Yavinsky, Jon Goldstein and Shawn McDonald led the Jones Lang LaSalle team on this transaction.

The Morgan Apartments is a secure, gated apartment community located in the heart of the North Bethesda submarket, surrounded by countless amenities including those at the White Flint Mall and Pike & Rose mixed-use development, along with hundreds of shopping, dining and entertainment venues throughout the Rockville Pike corridor.  Less than one mile from the White Flint Metro station, tenants can take advantage of Metrorail, several bus routes and a multitude of major thoroughfares which transport drivers directly into Washington, D.C. and the surrounding suburbs.  

The apartments were originally part of a 132-unit condominium development, of which 127 were converted to apartments in 2008.  The property represents a significant value-add proposition for the current ownership as dozens of units have the ability to undergo renovations to luxury, condo-level finishes, increasing the property’s appeal and leasing income.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page. Bookmark it here:  http://www.us.am.joneslanglasalle.com/UnitedStates/EN-US/Pages/News.aspx

The Meridian Group
Founded in 1993, The Meridian Group is a real estate investment and development firm focused on the metropolitan Washington, DC market.  The Company is a direct real estate operator, having a successful 20-year track record on value-add transactions with opportunistic returns.  The Meridian Group has experience with all asset classes and capital structures, including acquisitions of underperforming properties and distressed debt as well as providing equity, preferred equity and mezzanine debt for recapitalizations.  For further information, please visit www.tmgdc.com.  

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.