Real estate investment firm Hines has secured acquisition financing for a two building complex in Pike District in suburban Washington, DC. The firm bought North Bethesda Place I & II totaling 345,567 square feet with a loan of $48.9 million which includes future funding for tenant improvements and leasing commissions. Hines will also begin a multi-year capital improvement program of the complex. Current tenants include the National Cancer Institute, JBS International and Whole Foods Market. JLL sourced the financing for Hines through Santander. “The project generated significant interest from lenders due to its exceptional sponsorship and prime location in the amenity-rich North Bethesda submarket. The area is experiencing rapid redevelopment and transit-oriented growth, which is leading to increased tenant demand,” said Executive Vice President JLL, Jon Goldstein.
