4850 Rugby Avenue Closes on Financing
The Donohoe Companies, Inc. has closed on a $60 million loan for construction of Gallery Bethesda Phase 2, a luxury high-rise apartment building located at 4850 Rugby Avenue, in downtown Bethesda, Maryland. Financing is being provided by Pacific Life Insurance Company.
Gallery Bethesda Phase 2 is the second of three buildings that Donohoe is developing in Bethesda, collectively known as Woodmont Central. The three buildings consist of Gallery Bethesda, a 234-unit luxury apartment building completed in 2014; Gallery Bethesda Phase 2; and a third building, 8280 Wisconsin Avenue. At completion, the entire project will measure more than 580,000 square feet.
Phase 2 will bring to Woodmont Triangle a 240,000 square foot, 17-story luxury tower with 219 residential units and 12,425 square feet of retail, including café and restaurant opportunities. Amenities will include a rooftop pool and outdoor lounge, outdoor kitchen, indoor sky lounge with spectacular views, sports-club style fitness center, and a host of other amenities. The apartment will share the unique public pedestrian plaza designed for the project with its neighbor, Gallery Bethesda apartments. Like Gallery Bethesda, this building will also be a 100% smoke free residence. Delivery is scheduled for Fall 2018.
The project is a partnership between The Donohoe Companies and MPM Investment Company. Donohoe Development Company is the developer. Donohoe Construction Company serves as the general contractor for the project. Miller and Long Concrete Construction is the concrete contractor. Donohoe Real Estate is the retail broker, and Vantage Management will manage the property.