Financing Secured for $128 Million Maryland Apartment Building

By Erin Brereton, Content ManagerSilver Spring, Md.–Commercial real estate company Behringer Harvard, global asset manager Brookfield Real Estate Opportunity Fund and real estate company Fairfield Residential LLC have together arranged funding for a 15-story apartment building in Silver Spring, Md.Fairfield Residential intends to develop the Cameron House property into a $128.9 million Class A apartment building with 325 one- and two-bedroom apartments.With an estimated 302,469 square feet of rentable space, the property will also include a clubhouse, rooftop pool and 7,330 square feet of ground-floor retail space.”The development sits in one of Montgomery County’s most appealing neighborhoods, known for its first-rate educational institutions, business-friendly regulatory environment and abundance of recreational amenities,” says Mark Alfieri, senior vice president, real estate for Behringer Harvard. “It will be an excellent addition to our growing multifamily portfolio.”Formed from Behringer Partners and Harvard Property Trust Inc., Addison, Texas-based Behringer Harvard invests in domestic and international assets and creates and manages real estate fund opportunities for investors through its real estate investment trusts, partnerships, joint ventures and proprietary program structures.Currently managing $90 billion of assets, Brookfield Real Estate Opportunity Fund has corporate offices in Toronto, New York, London and Brazil.With corporate offices in San Diego and Grand Prairie, Texas, Fairfield Residential provides acquisition, construction, development, redevelopment, property management, asset management and disposition services to its clients.