Berkadia Secures $30M Refi for Affordable Maryland Asset

Fairstead acquired the property back in 2018 as part of a nearly $119 million deal.
Woodside Gardens
Woodside Gardens

Berkadia has closed a $30 million bridge loan for the refinancing of Woodside Gardens, a 144-unit community in Annapolis, Md. Senior Managing Director Matthew Napoleon of the company’s Columbus, Ohio, office arranged the loan on behalf of Fairstead.

According to Yardi Matrix data, Fairstead acquired the asset in March of 2018 for $33 million. The transaction was part of a $118.8 million portfolio sale. Earlier in July, the company purchased Gould House, a 101-unit Section 8 senior housing property in Boca Raton, Fla.

Located at 705 Newtowne Drive, the fully affordable, garden-style property features two- and three-bedroom units and includes kitchen appliances, community room, computer lab, playground, picnic areas, on-site laundry facility and parking.

The three-story building sits on an 8.3-acre lot and offers convenient access to various entertainment, shopping and dining venues along Forest Drive including Truxton Park, CVS and Compass Rose Theater. Fairstead bought the property from GHC Housing Partners, which acquired it in 2016 for $14.5 million, Yardi Matrix data shows.