01/15/2022
Duball, Daiwa House Group, and The Lenkin Company announce St. Elmo Mixed-use Project.
Eagle Bank to provide construction loan.
January 14, 2022: A joint venture between affiliates of Duball, LLC, Daiwa House Group and The Lenkin Company announced the purchase of a one (1) acre site in downtown Bethesda, Maryland that will immediately be developed. The to-be-built twenty-two (22) story building will contain 276 multifamily residential units, 5,000 square feet of street level retail and over 215 parking spaces.
EagleBank is providing construction financing of $85,550,000 for the project.
The property is located in Bethesda Maryland and spans between St. Elmo Avenue and Fairmont Avenue, within a short walk to the Bethesda Metro Station.
“Duball is excited to commence this important project in the heart of downtown Bethesda and looks forward to this exciting project as the community continues to grow and thrive. We have had a long, successful track record in Bethesda as this is our fourth project – the others being Lionsgate, Cheval and Stonehall. We are pleased to develop this project in concert with The Lenkin Company and Daiwa House Group.” According to Marc Dubick, President of Duball, LLC. “The Lenkin Company had their corporate headquarters on the site for many decades and in addition to being the seller we are thrilled that they decided to participate with us in the redevelopment.”
Takeshi Wakita, President of Daiwa House Texas Inc., stated: “Daiwa House Texas is very pleased to partner with Duball on the new St. Elmo luxury rental community in Bethesda, MD. This is our second project with Duball and look forward to many additional projects together.”
“As downtown Bethesda continues to expand and thrive, we’re thrilled to play a role in a redevelopment project that supports that growth,” said Ryan Riel, Chief Real Estate Lending Officer at EagleBank. “Duball has been an outstanding partner to EagleBank’s experienced lending team, joining in our mission to deliver impactful solutions that benefit the community we serve.”
Please contact Marc Dubick (703.234.5631) with further inquiries or Mitch Yentis (703.234.5632) with acquisition opportunities. More information on Duball, LLC can be found at www.Duball-LLC.com
Daiwa House EagleBank Maurice Walters Architect David M. Schwarz Architects Hartman Design Group HITT Contracting Inc. Miller & Long Concrete Construction