Search
 

Two Multifamily Housing Projects Get Financing Through Capri Capitol

ARLINGTON, VA-The company's regional office here arranged more than $12 million in financing for Heritage Park Apartments in Adelphi, MD and School Lane House Apartments in Philadelphia, PA.

By Wendy Watkins | Updated on March 06, 2001

ARLINGTON, VA-Two multifamily projects have received more than $12 million in financing through Capri Capitol’s regional office here. The company arranged $10 million in financing for Heritage Park Apartments in Adelphi, MD and $2.275 million in second financing for School Lane House Apartments in Philadelphia, PA.

Heritage Park is a 299-unit garden-style apartment complex located at 1818 Metzerott Road in Adelphi. Built in 1968, the property includes seven five-story buildings consisting of two studio, 96 one-bedroom, 139 two-bedroom and 56 three-bedroom units. The owners have completed extensive upgrades in the last three years and are now benefiting from the strong real estate market. The property was refinanced with a 10-year interest-only loan at a 6.72% fixed rate.

The financing for School Lane House Apartments in Philadelphia comes just 15 months after Capri arranged a $15-million acquisition loan for the property. The complex is funded with an 11-year Fannie Mae DUS/MBS loan with 30-year amortization and a fixed rate of 7.17%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.