Foulger-Pratt Secures $45M Loan for Washington, DC-Area Community
Berkadia provided the financing for the purchase of the 210-unit Heritage at Silver Spring in Maryland.
Berkadia has secured $44.8 million in financing for the acquisition of Heritage at Silver Spring, a luxury community on the northern outskirts of Washington, D.C. The borrower was a Maryland-based Foulger-Pratt sponsorship. The six-month bridge loan has an adjustable interest rate and a 25-year amortization period.
The property is located at 8021 Georgia Ave. in Silver Spring, Md. According to Yardi Matrix data, the community features 210 units including studio, one- and two-bedroom apartments. Common amenities encompass a swimming pool, golf-simulator, as well as fitness and business centers.
Berkadia’s team included Managing Director Laura Smith and Associate Director Rossana Bouchaya of the company’s D.C. Metro office. Joe Clauser, vice president at Foulger-Pratt, stated in prepared remarks, that they are planning to rebrand the property as Affinity on Georgia, while remodeling some of the common areas.
Earlier this month, Foulger-Pratt teamed up with Berkadia to secure a $54.4 million HUD loan for another community in metro D.C. Monument Village at College Park features 235 units and 4,800 square feet of ground-floor retail space.