CBRE Arranges $82M in Acquisition Financing for MD Community
- Jul 22, 2016
Landover, Md.—The Debt & Structured Finance team at CBRE Capital Markets has secured an $82.5 million loan for the acquisition of a 478-unit Class A Landover, Md., apartment community called Camden Summerfield.
CBRE secured the 10-year floating-rate loan on behalf of Atlanta-based real estate firm Centennial Holding Company LLC. Arranging the financing on behalf of the borrower were Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office. Fannie Mae provided the financing.
Located at 8100 Gibbs Way, Camden Summerfield consists of a pair of four-story rental buildings and a two-story clubhouse on 12.76 acres. It was developed in two phases in 2008 and 2012 by Camden Builders Inc., a wholly owned subsidiary of Camden Property Trust.
Camden Summerfield features one- to three-bedroom units ranging in size from 723 to 1,505 square feet. The apartments offer nine-foot ceilings, cultured marble bathroom countertops, walk-in closets and full-size washer-dryers.
Camden Summerfield is 10 miles east of the central business district of Washington, D.C. It is less than one mile from the area’s most heavily trafficked artery, I-495.
The property is situated immediately adjacent to the Morgan Boulevard Metro Station, served by the system’s Silver and Blue Lines. That station provides direct access to employment centers throughout the Washington, D.C., metro area. In addition, Camden Summerfield is less than one half mile from 79,000-seat FedEx Field, which is not only the home of the NFL’s Washington Redskins but also a regular convert venue.
Washington, D.C.’s Landover submarket has an average vacancy of 4 percent and an average monthly rent of $1,339 per unit. That amount represents a 3.1 percent average increase over the prior year. CBRE Group, Inc. is a Los Angeles-based, 70,000-employee, Fortune 500 and S&P 500 company. In terms of 2015 revenue, it is the world’s largest commercial real estate services and investment firm.