WASHINGTON, DC-Cassidy Turley has arranged a non-recourse, fixed rate refinance package totaling $170 million for a 5,000-unit, 13-apartment portfolio. The properties, located in four jurisdictions of the Washington, DC area, are owned by partnerships controlled by Jack Kay and members of his family. Philip Mudd, Christian Miles, and Jon Goldstein of Cassidy Turley arranged the financing under Fannie Mae’s multifamily lending program. Grossberg Yochelson Fox & Beyda served as the borrower’s law firm.
All of the properties but one are located in submarkets of Maryland including Germantown, Gaithersburg, Silver Spring, Laurel, Hyattsville, Landover, Temple Hills and Annapolis. London Park Towers is located in Alexandria, VA. The Maryland properties are White Oak Towers, Londonderry Apartments, Senaca Club, Wayne Manchester Towers, Deerfield Run, Landsdowne Village, Kenilworth Towers, London Park Towers, Gateway Square and Iverson Towers.
The apartment portfolio is 96% occupied and includes a mix of mid-rise, high-rise, garden-style, and town homes. The deal was complex because of its size and the number of units--and the fact that the properties were not cross-collaterized, Mudd tells GlobeSt.com.
Cassidy Turley has been active in arranging multifamily refinancing lately: the company just closed a $21-million loan on behalf of a partnership overseen by Culmore Realty Co. Another GSE refinancing that closed in recent days was the $43-million, 10-year, fixed-rate refinance loan for Merrifield at Dunn Loring Station. Adam Klingher, director of Johnson Capital’s Midwest Multifamily Lending office, arranged the first mortgage loan through Prudential Johnson Apartment Capital Express, a partnership between Prudential Mortgage Capital Co. and Johnson Capital to originate and service loans for Freddie Mac Program Plus.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
