Foulger-Pratt Lands $54M HUD Loan for Maryland Community
Berkadia secured the short-term, non-recourse financing for the 235-unit Monument Village at College Park.
Berkadia has secured a $54.4 million financing package for Monument Village at College Park, a 235-unit community in College Park, Md. The borrower, Foulger-Pratt, acquired the property earlier this year for $62.7 million from Monument Realty.
The new HUD 223(F) loan, originated through Berkadia’s proprietary bridge lending program, features an interest rate in the low two’s and 35-year non-recourse financing at 100 percent of closing costs. The community is one of the first projects closed under HUD’s March Three-Year Rule Notice H2020-03. The notice allows projects with final C of O’s issued within three years of submission to qualify for financing, according to Berkadia Managing Director Laura Smith, who facilitated the financing along with Associate Director Rossana Bouchaya.
Located at 9122 Baltimore Ave., Monument Village at College Park came online in 2016 and is LEED Silver certified. The five-story building features a mix of studios and one- and two-bedroom apartments, which include keyless entry doors, walk-in closets, stainless steel appliances and granite countertops. Residents have access to a wide array of community amenities such as a resort-style pool, fitness center, yoga room, lounge and pet spa.
Monument Village at College Park includes 4,800 square feet of ground-floor retail space, while sunrooms are available in certain units, according to Yardi Matrix data. The property provides convenient access to The University of Maryland College Park, Interstate 495 and a variety of retail options.