Quantum Equities Lands $87M Refi for Maryland Apartments
- May 04, 2021
Quantum Equities has refinanced The Glendale Residence Apartments, a 486-unit multifamily community in Lanham, Md., with an $87 million Fannie Mae DUS loan provided by Greystone.
The Fannie Mae Green Mortgage loan carries a 12-year term, a low fixed-interest rate, five years of interest-only payments and a 30-year amortization period.
The property has received Energy Star certification for the Green Building Certification, which recognizes the top 25 percent of the most energy efficient buildings within its class.
The financing was arranged by Dan Sacks and Eric Rosenstock, managing directors in Greystone’s New York office, on behalf of the Quantum affiliate, Glendale Apartments Properties LLC. Sacks and Rosenstock originated a $68.8 million Fannie Mae DUS loan for Quantum when it acquired the property in August 2018.
That financing had a 12-year fixed rate and six years of interest-only payments and was set to mature in August 2030, according to Yardi Matrix data. Quantum had purchased the property from Stephen A. Goldberg Co. for approximately $83.5 million, or $171,728 per unit, Yardi Matrix reported.
Located at 9971 Good Luck Road, the multifamily property is close to NASA Goddard Space Flight Center. It is within 7 miles of University of Maryland and College Park and 15 miles from downtown Washington, D.C. The community is also located near the Greenway Shopping Center Beltway Plaza and has convenient access to local schools, employers, shopping and entertainment.
Built in the 1960s, the 21.4-acre garden-style community has one-, two- and three-bedroom units with a current occupancy of about 97 percent. Rents range from $1,410 to $2,141 with an average of $1,676, according to Yardi Matrix data.
The apartments all have modern appliances and finishes, high-speed Internet access, in-unit washers and dryers, walk-in closets and private outdoor living spaces. The community is pet-friendly and has a swimming pool, picnic and playground area and 900 parking spaces.
In February, Sacks and Rosenstock of Greystone arranged two loans totaling $68 million on behalf of Quantum Equities for the acquisition and renovations of Regency Pointe, a 595-unit multifamily property in District Heights, Md.
The first was a $65.9 million loan that was part of Fannie Mae’s Green Financing solutions and the second was a $2.1 million mezzanine loan. According to Yardi Matrix data, Quantum acquired the asset in District Heights, Md., from Turner Capital earlier in the year for $80 million.