(To read more on the multifamily market, click here.)
(To read more on the debt and equity markets, click here.)
PARKVILLE, MD-An affiliate of local commercial real estate operator Multi-Properties Inc. wins a refinancing package totaling $33.5 million for the Ridge Gardens Apartments, a 603-unit multifamily community located at 8509 Harford Rd. The firm also developed the 1960s-era garden-style property and serves as its manager.
Meridian orchestrated the 10-year loan. The purpose of the refinancing, a Meridian spokesperson tells GlobeSt.com, was for the borrower to cash out equity, taking advantage of a low-interest rate that allowed it to "realize additional loan proceeds with just a marginal increase in the annual debt service payments." A portion of the funds from the refinancing will be reinvested in the property.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
