Prudential Mortgage Capital Provides $26.9M Perm for Newly Built Property

Elkridge, Md.--Prudential Mortgage Capital Co. closed a $26.9 million permanent loan on behalf of Fannie Mae for Penniman Park Apartments, a newly constructed rental apartment located in Elkridge, Md.

Elkridge, Md.–Prudential Mortgage Capital Co. closed a $26.9 million permanent loan on behalf of Fannie Mae for Penniman Park Apartments, a newly constructed rental apartment located in Elkridge, Md.

“We are proud to have worked with Security Development Corp. on this financing, and we look forward to providing them with the highest quality service throughout the life of the loan,” says Patrick C. McGlohn with Prudential Mortgage Capital. “Thanks to our partners at Fannie Mae, we were able to deliver financing once the property reached a stabilized occupancy level given the high quality of the property and the strong sponsorship.”

McGlohn worked with Dan Shiff and Ryan Pinson of Phillips Realty Capital, who served as intermediaries on the transaction.

“Following up on our successful relationship with Prudential Mortgage Capital on Kaiser Park Apartments and Townhomes several years ago, we look forward to continued success on Penniman Park Apartments,” says Steve Breeden of Security Development.

Situated at the intersection of Greenfield Road and Washington Boulevard (U.S. Route 1) in Elkridge, Penniman Park Apartments includes 186 Class-A, garden-style apartments in six buildings and offers numerous amenities including a swimming pool, clubhouse with community room and fitness center, storage areas, individual garages and a designated parking area.

Located in the Baltimore-Washington Corridor, Security Development builds residential and commercial properties throughout the region