Greystone Secures $68M for Maryland Property
- Feb 19, 2021
Greystone has arranged two loans totaling $68 million on behalf of Quantum Equities for Regency Pointe, a 595-unit multifamily property in Prince Georges County, Md. The first, $65.9 loan was part of Fannie Mae’s Green Financing solutions for multifamily properties, while the second, for $2.1 million, was a mezzanine loan. Both loans carry a 12-year term and 30-year amortization.
The financing served for the acquisition along with ongoing renovations at the property. According to Yardi Matrix data, Quantum acquired the asset from Turner Impact Capital at the beginning of the year for $80 million. The asset last traded in 2015, for $56 million.
Fannie Mae’s Green Financing products reward borrowers who invest in energy- and water-efficient upgrades with favorable pricing and additional funding for retrofits.
The 1963-built Regency Pointe is located in District Heights, Md., and comprises 595 one-, two- and three-bedroom units with dishwashers, oversized floor plans, upgrade options and private outdoor living spaces. The garden-style community also features a pool and fitness center, on-site laundry facilities, picnic and playground areas, as well as reserved parking.
Located at 3253 Walters Lane, the property is within 10 miles of Joint Base Anacostia-Bolling and enables easy access to Washington, D.C., via Interstate 495 or Washington Metropolitan Area Transit Authority bus and subway lines. The community is within half a mile of two shopping centers, Centre at Forestville and Penn Mar.
Greystone New York managing directors Dan Sacks and Eric Rosenstock originated the financing. Sacks said in prepared remarks that the terms were the “best in class to bring this transaction to life for our client in the current environment.”