Northmarq secures $142M in financing for luxury high-rise portfolio in Maryland
BETHESDA, Md. — Northmarq has arranged $141.73 million in financing for a two-asset, 493-unit portfolio of luxury high-rise apartment buildings in the Washington, D.C., metro area. The firm’s Washington, D.C.-based Debt + Equity team, led by Jason Smith and Kenneth Gentzel, structured the deal on behalf of Washington Property Company, a prominent regional developer and owner.
The portfolio includes Solaire 7607 Old Georgetown, a newly delivered 22-story, 198-unit tower in Bethesda, and Solaire 1150 Ripley, a 16-story, 295-unit community in the heart of Downtown Silver Spring. Both assets are located in high-demand, transit-oriented neighborhoods and feature a full suite of Class A amenities.
“This transaction reflects the strength of institutional capital’s appetite for core multifamily product in high-barrier, Metro-served submarkets,” said Smith.
Solaire 1150 Ripley (Silver Spring)
Delivered in 2012, Solaire 1150 Ripley features 295 studio, one- and two-bedroom apartments averaging 865 sq. ft. Located just steps from the Silver Spring Metro Station and Georgia Avenue, the community appeals to professionals seeking both accessibility and lifestyle. Amenities include a rooftop lounge, 24-hour fitness center, resident theater, valet dry cleaning and secure underground parking.
Solaire 7607 Old Georgetown (Bethesda)
Positioned in the walkable, amenity-rich Woodmont Triangle neighborhood, Solaire 7607 is within easy reach of the Bethesda Metro Station and the retail, dining and entertainment of Bethesda Row. The brand-new tower offers one- and two-bedroom units averaging 884 sq. ft., featuring sleek modern interiors and upscale finishes. Residents enjoy rooftop and penthouse-level amenities, including a terrace lounge, fitness center, pet spa and concierge services.
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