Skip Ribbon Commands
Skip to main content

News release


Value-Add Multifamily Demand in DC Suburb Spurs Sale, Financing

JLL arranges $60.9M sale of Bellemeade Farms, secures $46.55M in acquisition financing

​JLL's Capital Markets experts today announced the firm arranged the sale of Bellemeade Farms, a 316-unit multifamily asset located in Leesburg, Virginia on behalf of Waterton. Bainbridge Companies purchased the property for $60.9 million. JLL also secured $46.55 million in acquisition financing. The loan is a Freddie Mac adjustable-rate mortgage (ARM) serviced by JLL and features a 10-year term with five-year interest only. The loan was processed under Freddie Mac's Green Up program.

Managing Director Christine Espenshade and Executive Vice President Robert Garrish led the JLL team on the sale. Executive Vice President Shawn McDonald and Vice President Anthony Hebenstreit led the team on the financing.

"Bellemeade Farms gave investors a rare opportunity to buy a well-maintained asset that also offered the potential to add significant value with just a few strategic upgrades," said Espenshade. "The property's ideal location in a thriving multifamily market, near several corporate and retail centers, attracted multiple investors."

"Lenders are increasingly drawn to suburban, value-add product," said McDonald. "The quality of this apartment community and Bainbridge Companies' reputation made this a great lending opportunity for Freddie Mac."

The Bellemeade Farms community includes 12 buildings on nearly 16 acres. Bellemeade Farms gives residents convenient access to the DC metro via Route 7, Route 15 and the Dulles Greenway/Route 267.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page:

– ends –

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About The Bainbridge Companies, LLC

The Bainbridge Companies is a leading owner, developer and manager of luxury multifamily apartment communities in the Eastern United States. Founded in 1997, Bainbridge is a fully integrated family of real estate companies engaged in the development, construction, management and acquisition of residential and commercial real estate. Bainbridge is headquartered in Wellington, Fla., and Bethesda, Md., with regional offices in Raleigh, N.C., Orlando, Fla., and the New York Tri-State area. Our team consists of over 600 passionate professionals across our offices and portfolio.