Fantini & Gorga Arranges $53.6M Financing for Maryland Apartments
- Feb 24, 2011
Camp Springs, Md.—Fantini & Gorga has arranged a $53,596,000 refinance of MetroPlace at Town Center in Camp Springs, Md. The proceeds include a $46.85 million first mortgage and a $6.75 million mezzanine loan. The blended, all-in interest rate came in under 6 percent.
“We are delighted to be able to provide this attractively priced option for delivering full proceeds for the repayment of an interim bank loan,” says Tim O’Donnell, principal of Fantini & Gorga, who placed the loan along with director Mark Whelan. “Although this was the first transaction between the senior and mezzanine lenders, they [worked] smoothly to underwrite and close the loan in a tight time frame.”
The 397-unit multifamily property is located in a planned urban development with easy public transportation access to Washington D.C. Amenities include garage parking, a clubhouse/fitness center, swimming pool, and tennis and basketball courts.
KeyBank Real Estate Capital provides $61.8M in Freddie Mac financing
Clemson, S.C.–KeyBank Real Estate Capital recently provided $61.8 million funding for the acquisition of nine student housing properties in the Southeast.
KeyBank arranged the financing on behalf of Kayne Anderson Real Estate Partners I, L.P., a private equity real estate fund managed by Kayne Anderson Capital Advisors. Properties are located in Alabama, Georgia, Kentucky, South Carolina and Tennessee.
The $58 million in Freddie Mac financing KeyBank arranged were: Troy State University–Troy Place, Troy, Ala. ($9,158,000); Georgia Southern University–The Pointe at Southern, Statesboro, Ga. ($8,941,000); Western Kentucky University–Western Place, Ky. ($7,249,000); Western Kentucky University–Gables Student Apartments, Bowling Green, Ky. ($3,615,000); Murray State University–Chase at Murray, Murray, Ky. ($5,131,000); Clemson University – Berkeley Place, Clemson , S.C. ($9,882,000); Clemson University – Clemson Place, Clemson , S.C. ($6,395,000); University of Tennessee Martin – Reserve at Martin, Martin , Tenn. ($7,630,000).
In addition, KeyBank provided a $3,850,000 bridge loan to facilitate the acquisition and stabilization of a student housing project in Jacksonville, Ala.
AREA Property Partners acquires 400-unit apartment community in Maryland
Silver Spring, Md.—AREA Property Partners has acquired Fairland Gardens, a 400-unit apartment community in Silver Spring, Md. Neither the seller nor the value of transaction was disclosed. Realty Management Services, an affiliate of ROSS Companies, will manage the site.
“The acquisition presents an attractive opportunity for AREA to establish a presence in the Washington D.C. metro area, one of the nation’s most robust multifamily markets,” said James Simmons, AREA partner. “The location is increasingly becoming one of the most desirable Washington D.C. submarkets, given its convenient access to major transportation routes, multiple employment centers and shopping.”
Fairland Gardens is currently 96 percent occupied. Amenities include a clubhouse, swimming pool, basketball court, and grilling and picnic areas. The property has a Housing Assistance Payments contract on 25 percent of the units, a feature that AREA plans to renew on an annual basis. The firm also plans to upgrade units and build additional amenities.