Berkadia has secured $30.5 million in financing for Oak Ridge Apartments, a 491-unit garden-style community in Riverdale Park, Md. Working on behalf of the borrower, a private investor, Managing Director Donald Marshall structured the 10-year, Fannie Mae loan with interest-only payments. The proceeds retire a fixed-interest, $14.5 million CMBS loan provided by Berkadia in 2013, according to Yardi Matrix.
Completed in 1940 on more than 18 acres, the community at 5510 Madison St. encompasses 25 two- and three-story buildings. The unit mix has one- and two-bedroom floorplans averaging 591 square feet. Amenities include three playgrounds, a swimming pool and laundry facilities. Dreyfuss Management Group provides property management services at the location.
Located roughly 10 miles northeast of downtown Washington, D.C., Oak Ridge is 1 mile from the city center, on the eastern side of the Kenilworth Avenue retail corridor. Several shopping centers and a handful of parks are in the immediate area.
In May, a Berkadia team arranged a $45.5 million Freddie Mac loan for the acquisition of a 219-unit property in Annandale, Va. The Class B asset traded for $58.9 million.