$28.37M financing secured for apartment community in Maryland

BOSTON, Jan. 9, 2023 – JLL Capital Markets announced today that it has closed the $28.37 million permanent financing for Lake Arbor Towers, a lakeside apartment community located along the Capital Beltway in Mitchellville, Maryland.

JLL worked on behalf of the borrower, The Dolben Company, to secure the 10-year fixed rate loan through Eastern Bank.

Built in 1989 and renovated in 2010, Lake Arbor Towers overlooks Northampton Lake, offering residents lake views from their private decks and access to jogging and bike trails. The community features 209 modern floor plans across 110 one-bedroom and 99 two-bedroom units, ranging from 675 square feet to 1,100 square feet. The apartments offer in-unit washers and dryers, renovated kitchens and baths, energy efficient designs and spacious closets. Community amenities include a swimming pool, sundeck, social room and fitness center.

Located at 11411 Lake Arbor Way, Lake Arbor Towers is less than three miles from the Largo Town Center Metro (Blue and Silver Line), which offers residents a quick metro ride to downtown Washington, D.C. In addition, residents have direct access to I-495 and E Capital St via Central Ave., providing seamless connectivity around the beltway. The property is within proximity to two of the region’s largest demand drivers, the brand new, $651 million University of Maryland Capital Region Medical Center, which delivered in June 2021, and the Kaiser Permanente Largo Medical Center. The asset is also a 30-minute drive to Fort Meade, the largest employer in Maryland and home to the National Security Agency and the Department of Defense.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Jamie Leachman, Director Jacqueline Meagher, Associate Madeline Joyce and Analyst David Sloan.

“Despite challenging market conditions in the fourth quarter, the Lake Arbor marketing process garnered over a dozen quotes from lenders,” said Meagher. “This is a testament to the Dolben team and their operations, as well as Eastern Bank providing a creative and successful outcome.”

JLL 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 investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Dolben is a privately held company, founded in 1929, that specializes in the management, development and acquisition of multifamily properties. The company manages over 15,000 residential units throughout New England and the Mid-Atlantic and has developed 10,000 units of multifamily housing. Dolben’s headquarters are located in Woburn, MA with a regional office located in Odenton, MD.