DC-Area Communities Receive $65M in Financing
- Oct 25, 2017
JBG Cos. received financing for four Maryland apartment communities. Two properties are in Beltsville and two in Suitland. The four separate, fixed-rate loans total $65 million and were obtained through Freddie Mac’s CME Program. Joseph Gildenhorn and Donald Brown of JBG Cos. acted as representatives for the ownership partnerships, with an HFF team working exclusively on their behalf. In the first quarter of this year, JBG partnered with the State Teachers Retirement System of Ohio to open a multi-story residential community in Washington, D.C.
- Barclay Square is located at 3598 Powder Mill Road in Beltsville, Md. It features 72 one-bedroom, 74 two-bedroom, 30 three-bedroom and four four-bedroom units. Average monthly rent is $1,512, and current occupancy is at 96 percent, according to Yardi Matrix.
- Townley Apartments is at 11457 Cherry Hill Road in Beltsville, Md. It comprises two studio, 92 one-bedroom, 114 two-bedroom and 22 three-bedroom units. Occupancy is at 94 percent, while average monthly rent is $1,370, according to Yardi Matrix data.
The two properties are situated one mile apart. Orchard Center is a shopping mall on Cherry Hill Road, minutes away from both communities, as are several other potential employers and entertainment venues, such as an IKEA store and an AMC movie theater, as well as education providers, such as High Point High School and Frances Fuchs ECC school. Interstate 95 and route 212 are potential transit options, with downtown Washington, D.C., only a 30-minute drive away.
- Hickory Hill is situated at 3613 Silver Park Drive in Suitland, Md. It features 112 one-bedroom, 145 two-bedroom and 26 three-bedroom units. According to Yardi Matrix, average monthly rent is $1,311, while occupancy is at 88 percent.
- Sussex Square is located at 2316 Brooks Drive in Suitland, Md. It offers three studio, 116 one-bedroom, 30 two-bedroom and 77 three-bedroom units. Occupancy is currently at 95 percent, while average monthly rent is $1,256, according to Yardi Matrix data.
Situated two miles apart, the Suitland properties also have plenty of shopping, dining and employment options nearby. Suitland Federal Center, a NOAA Satellite Operations Facility, the National Maritime Intelligence Center, Bank of America, as well as several schools like William Beanes Elementary or Suitland High School, are all within easy reach of the communities’ residents. Plenty of shopping and dining options are available, like Marlow Heights Shopping Center, Shoe City, Penn Station Shopping Center and others. Downtown Washington, D.C. can be reached in about 30 minutes from either of the apartment communities.
HFF’s Sue Carras, Jamie Leachman and Jay Graham represented the borrower. “It was a unique opportunity to work with both Joe Gildenhorn and Don Brown. HFF is excited to have helped structure a deal that will benefit the properties and the investors for the next decade,” said HFF Director Jay Graham, in a prepared statement.
Image courtesy of HFF