- Founded in 2000, Roadside Development is a Washington, D.C.-based developer, owner, and operator that has delivered over 8.5m sq. ft of mixed-use real estate across the Mid-Atlantic region;
- Founded in 2006, Hudson Bay Capital is a global alternative asset manager;
- The $24.2m loan will support the acquisition of Bethesda Towers, a three-building office complex in Downtown Bethesda, Maryland.
NYC, US, 29th June, 2026: OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a $24.2m loan to a joint venture between Roadside Development and Hudson Bay Capital to support the acquisition of Bethesda Towers, a three-building office campus in Downtown Bethesda, Maryland.
Founded in 2000, Roadside Development is a vertically integrated real estate developer, owner, and operator focused on large-scale mixed-use opportunities throughout the Washington metropolitan area. Since inception, the firm has developed and renovated more than 8.5m sq. ft of real estate and currently owns and manages over 1.5m sq. ft of commercial property and more than 1,300 residential units. Founded in 2006, Hudson Bay Capital is a global alternative asset manager with over $20bn of assets under management, investing across a range of asset classes and strategies.
Located at 4330, 4340 and 4350 East-West Highway, Bethesda Towers comprises approximately 600k sq. ft of office space across three 11-storey buildings. Situated less than half a mile from Bethesda Metro Station and within easy reach of downtown Washington, D.C., the property occupies a prime position in one of the region’s most desirable residential submarkets, benefiting from strong demographics, high household incomes, and proximity to major employers including the National Institutes of Health, Walter Reed National Military Medical Center, and Marriott International.
Richard Lake, Founding Partner at Roadside Development, commented on the transaction: “Bethesda Towers is a high-quality asset in an exceptional location at the heart of one of the Washington metropolitan area’s most dynamic and desirable submarkets. Its scale, connectivity, and proximity to major employers make it a compelling investment opportunity, and we’re excited to explore the property’s future potential. We are pleased to be partnering with OakNorth and Hudson Bay Capital on this acquisition and look forward to conceptualizing our vision for the asset.”
Max Saidman, Managing Director of Debt Finance at OakNorth, added: “Bethesda Towers is a significant office asset in one of the most attractive and affluent submarkets in the Washington D.C. region. Its prime location, strong surrounding fundamentals, and excellent connectivity underpin its long-term appeal. Roadside Development has an outstanding track record of acquiring, developing, and operating complex real estate assets, while Hudson Bay Capital brings deep institutional investment expertise. Together, they are exceptionally well positioned to t to steward the future of this property, and we are delighted to support them with this financing.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015, OakNorth is the bank for entrepreneurs, by entrepreneurs. It was founded to address the persistent funding gap facing lower mid-market businesses – a segment that accounts for a significant share of economic output yet remains underserved by traditional banks.
To date, OakNorth has provided over $22bn in lending to thousands of entrepreneur-led businesses across the UK and US, supporting the creation of more than 70,000 jobs and generating more than £40bn in economic value. Throughout multiple economic cycles, the bank has maintained a highly disciplined approach to credit, delivering performance metrics that place it among the top 1% of commercial banks globally.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit http://www.oaknorth.com for more information.