Fairfield Residential Secures $51M for MD Apartments
The seven-year, fixed-rate Fannie Mae loan for the 386-unit Rock Spring has three years of interest-only payments and five years of yield maintenance with a 1 percent prepayment penalty afterward.
By D.C. Stribling, Contributing Editor
Fairfield Residential has obtained $51 million in financing for the acquisition of Rock Spring, a 386-unit, mid-rise apartment community in Bethesda, Md. The seven-year, fixed-rate Fannie Mae loan has three years of interest-only payments and five years of yield maintenance with a 1 percent prepayment penalty afterward.
Rock Spring is in a suburban D.C. neighborhood. Common amenities include a playground, pool, barbecue areas between the buildings, two club houses, computer room and a fitness center.
A look at the area
Among apartment markets in the region, Bethesda commands the highest rents. In its latest report, Zumper noted that Bethesda’s one-bedroom rents are a median of $2,270 per month. By contrast, D.C.’s one-bedroom run $2,260 per month, while one-bedroom rents in Arlington, Va., are a median of $2,140 per month.
For two-bedroom apartments, D.C. has a median rent of $3,180 per month. Bethesda’s median is $3,140, while in Arlington two-bedroom units rent for a median $3,000.
Kristen Croxton and Greg Reed, Senior Vice Presidents in Capital One Multifamily Finance’s office in Newport Beach, Calif., originated the transaction. San Diego-based Fairfield Residential is a repeat Fannie Mae and Capital One client.