(To read more on the multifamily market, click here.)
BETHESDA, MD-LCOR, a Berwyn, PA-based development firm and the California State Teachers' Retirement System are increasing their combined equity commitment in a joint venture formed last year to develop and acquire multifamily housing assets on the East Coast to $287.5 million. When leveraged with debt, the equity will allow the venture, called LCOR Residential Associates LLC, to complete multifamily investments of up to approximately $1 billion.
One conceivable use for the additional funding is further investment in the three remaining phases of North Bethesda Center, R. William Hard, executive vice president of LCOR, tells GlobeSt.com. The first phase, which was backed by LCOR Residential Associates' original funding, has closed.
North Bethesda Center is a mixed-use commercial and residential development situated on a 32-acre site owned by the Washington Metropolitan Area Transit Authority. It is next to the White Flint Metrorail station. LCOR is the master developer of the site.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
