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BALTIMORE-An undisclosed borrower secures a $17-million financing deal for the 515-unit multifamily community known as the Renaissance Club Apartments. The 10-year securitized loan has a fixed rate of 5.21%.
The Washington, DC office of Holliday Fenoglio Fowler LP orchestrated the transaction. Explaining the property owner's motivation for seeking the refinancing package, HFF managing director Mark Remington tells GlobeSt.com that the borrower's intent "was to take advantage of low rates and to acquire funds for renovations." Conduit lender UBS Warburg LLC provided the interest-only loan.
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