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ST. CHARLES, MD-American Community Property Trust secures financing in the amount of $27 million has closed for the construction of the 252-unit Sheffield Greens Apartments. The funds were in the form of a loan at an interest rate of 5.47%.
GMAC Commercial Mortgage Corp. facilitated the non-recourse financing. Situated on 16 acres at the intersection of Billingsley Rd. and St. Charles Pkwy., the nine-structure Sheffield Greens is one of a handful of multifamily properties planned for Fairway Village, the third of five villages that will ultimately grace the St. Charles community.
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