$8M Refi Closes for Multifamily Property

BALTIMORE-Greens at Forest Park, the 190-unit apartment property on the 4500 block of Fairview Ave., has been refinanced to the tune of $8.4 million in a recently closed deal. Potomac Realty Capital LLC made the loan to borrower Greens at Forest Park LLC, an entity of Sawyer Realty Holdings LLC. Previously known as the Fairfax Gardens Apartments, Greens at Forest Park is a multi-structure garden-style apartment compound that was built on a 4.5 acre parcel in 1947; the property underwent an aggressive upgrade just last year.

The deal allows the property owner to refinance an existing $6.8 million bridge loan at a more favorable rate, and to pocket $2.3 million for additional renovation projects. The loan is for a one-year term and carries the option for a one-year extension.