$24M Financing Deal Closes for Multifamily Property

SILVER SPRING, MD-A permanent financing deal valued at $23.5 million has closed for the 395-unit Warwick Apartments on University Blvd. The borrower is property owner L&B Partners LLC, which acquired the Warwick Apartments in 1998.

Green Park Financial is behind the financing package, which came in the form of a 10-year loan–arranged under Fannie Mae’s Extended Rate Lock–that permitted the borrower to lock in the interest rate within two days of signing the loan application. According to Green Park Financial, the borrower sought out the financing in order to take advantage of currently low interest rates, and to pay off an existing debt.