MD Community to Receive $51M Financing
The non-recourse, fixed-rate first mortgage provides for the acquisition of Woodvale Apartments, a 376-unit mid-rise community located just north of Washington, D.C.
After recently closing $291 million in financing for the acquisition of a senior housing portfolio, KeyBank Real Estate Capital has arranged a $50.9 million Fannie Mae loan for the acquisition of Woodvale Apartments, a 376-unit mid-rise community in Silver Spring, Md. The non-recourse, first mortgage, fixed-rate loan has a 15-year term, 12-year interest only period and 30-year amortization schedule. According to Yardi Matrix data, seller Laramar Group purchased the asset for $53.2 million in 2013.
Located at 13831 Castle Blvd., Woodvale Apartments is 15 miles north of downtown Washington, D.C. The asset is within walking distance of several dining and retail venues and is within 2 miles of important transit routes such as Columbia Pike and Interstate 95.
Completed in 1981 and renovated in 2006, the apartment complex is comprised of nine four-story buildings situated on 20 acres of land. The one-, two- and three-bedroom units range from 787 to 1,189 square feet. Common-area amenities include a fitness center, swimming pool, tennis court, playground and 600 parking spaces.
Image courtesy of KeyBank Real Estate Capital