1784 Holdings has secured a $53 million construction loan for a new, 200,000-square-foot facility in Bethesda, Md. The project, which will include five stories above ground and four stories below grade, is scheduled to open in the fourth quarter of 2025. It will offer 1,707 climate-controlled units. Talonvest Capital facilitated the funding provided by Ardent Companies and negotiated a springing rate cap, allowing the borrower to forgo the costs of a purchase at closing. The construction loan consisted of a 28-month term with two extension options, full-term interest-only payments, an earnout funding upon receipt of the full certificate of occupancy, and no lease-up covenants.
“We have a long-standing relationship with Talonvest, and their commitment to consistently deliver results across numerous deals is a cornerstone of our collaborative success,” said Shane Albers, chairman and CEO of 1784 Holdings. “They serve as expert advisers, and we deeply value the team’s insights and vast network of capital providers.”
1784 Holdings was represented by Talonvest’s Kim Bishop, Jim Davies, Ivan Viramontes, Tom Sherlock, and Lauren Maehler in the deal.