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PIKESVILLE, MD-The 147-unit apartment community known as Excalibur at Avalon is about to get a new owner and a new status now that a $47-million joint venture equity and debt financing package has closed. Borrower Triton Real Estate Partnership will purchase Excalibur from Town and Country Trust.
Maury E. Zanoff and Joseph W. Donato Jr. of CBRE Melody, the real estate investment banking division of real estate services firm CB Richard Ellis, orchestrated the financing. It will also be used to facilitate the conversion of the apartment community to a condominium property.
Developed in 2000, Excalibur occupies a five-acre parcel off the Baltimore Beltway at 9050 Iron Horse Lane. The property consists of an interconnected four-story structure surrounding a parking facility and, according to Maryland real estate records, has a current assessed value of approximately $19 million.
"This luxury for-sale product will benefit from pent-up demand in the market," Zanoff says. "The capital market interest in this project was very strong and allowed us to structure a highly leveraged debt facility and minimize the more expensive JV equity component." A completion date for Excalibur's conversion has not yet been announced.
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