GY Properties Secures $25M Refi in Baltimore Area

Colliers Capital Markets has secured a $24.5 million refinancing loan for Milford Station, a 199-unit community in Pikesville, Md.

A team led by Colliers Senior Director of Finance Bob Beckman worked on behalf of Gelfund RE Opportunities and GY Properties. The latter not only owns the Maryland property, but also manages it. The borrower secured a non-recourse, fixed-rate loan with a 30-year term at 5.12 percent.

GY Properties bought the community from Blue Ocean Realty in 2021 for $30 million, according to Yardi Matrix. The sale was subject to a $24.5 million loan originated by Voya Financial.

The 60-year old Milford Station

Milford Station came online in two phases, in 1964 and 1970. The community consists of five three-story buildings arranged across a 9-acre site. The units have studio, one-, two- and three-bedroom configurations, ranging from 562 to 1,245 square feet. Amenities at the pet-friendly community include an outdoor pool, playground, dog park, barbecue and picnic area, fitness center and laundry facilities. The community also has grade-level parking with 360 spots.

Milford Station is at 19 Warren Park Drive, just off Owings Mills-Johns Hopkins Green Line, which connects the town to downtown Baltimore, some 10 miles southeast. The Milford Mill Metro Station is 1 mile away. The Suburban Club and the Woodholme Country Club golf courses are 1, respectively 3 miles away. There are several recreational parks in the area, as well as a few eateries and retail options. Major thoroughfares include interstates 695 and 795.

The average advertised metro Baltimore asking rent increased by 0.5 percent in the three months ending in June, reaching $1,717. That rate was 20 basis points higher than the U.S. average, according to the latest Yardi Matrix multifamily report on Baltimore. However, the occupancy rate in stabilized properties decreased by 30 basis points, to 94.5 percent as of May, aligning with the national figure.