Rose Valley Capital, an affiliate of Hampshire Properties, has received a $70 million loan for the acquisition of The Fields at Rock Creek, a 314-unit multifamily community in Frederick, Md. Natixis Corporate & Investment Banking originated the five-year, floating rate loan.
The Fields at Rock Creek last traded in 2018, when Elite Street Capital purchased the community from Legacy Partners in a $45.9 million portfolio transaction, according to Yardi Matrix data.
Built in 1990, the property is located at 100 Alessandra Court and encompasses one-, two- and three-bedroom units ranging from 762 square feet to 1,150 square feet. The apartments are equipped with hardwood floors and washers and dryers. Common-area amenities include a fitness center, a business center, a clubhouse, a swimming pool, a playground area and 645 parking spots.
Formerly known as Crystal Park at Waterford, the 32-building property is situated in the Waterford neighborhood, between Frederick Freeway and W. Patrick Street, 2 miles from downtown Frederick and the Fort Detrick military biotechnical research facility, one of the city’s largest employers. Interstate 270 and Interstate 70 are nearby, providing easy access to Baltimore, Washington D.C., and a variety of employers based along the I-270 Technology Corridor, one of the top biotech clusters in U.S.
Meridian Capital Senior Managing Director Morris Betesh and Senior Vice President Alex Bailkin facilitated the financing. Earlier this month Rose Valley Capital obtained $73.6 million in financing for the acquisition of a 276-unit property in Philadelphia. Natixis provided the five-year, floating-rate loan.