By Ioana Moldovan
Hyattsville, Md.—It was recently announced that $6.9 million in financing is now in place for the off-market purchase and renovation of Landon Court Apartments in Hyattsville, Md. Owner Landon Court LLC was advised by Greysteel representatives Mark Bittenbender and Brittany Wismer throughout the process.
Located at 3601-3623 Gallatin St. in the Washington, D.C., submarket of Hyattsville, the 116-unit Landon Court Apartments was built in 1965 and comprises 11 buildings. The sponsor plans to renovate the interiors and add new storage units and parking spaces, while the available rooftop space will be leased out for satellite telecommunication providers.
The 10-year, non-recourse loan was provided by an undisclosed balance sheet lender and features a competitive fixed-rate and interest-only payments for the first two years, followed by a 30-year amortization schedule.“We were able to leverage the borrower’s exceptional track record in the submarket to achieve financing that has the flexibility to fund current capital improvements while also locking in a historically low long-term fixed-rate,” Bittenbender said in a prepared statement.
Image courtesy of Greysteel