BETHESDA, More details of the sale of the 591-unit Gates of Cipriano apartment complex last month have emerged. As GlobeSt.com reported last month, the apartment complex traded for $82.3 million, or $139,171 per unit. The Baltimore-based BDMG acquired the 17-building garden apartment complex from Laramar Group.
Capital One has now announced it has helped BDMG secure a $66.7 million acquisition loan from Fannie Mae loan to fund the acquisition. The loan has a 12-year term.
Meridian Capital Group's Abe Hirsch, Jacob Katz and Zev Karpel negotiated the financing on behalf of the borrower.
The apartment complex is located at 8501 Greenbelt Rd. It was built in 1966 and is close to full occupancy. The last time it traded, in 2007, it sold for $74.2 million.
Now the complex is poised to benefit from new, nearby development activity.
"The Gates of Cipriano is well-situated to take advantage of the exciting development proposed for the area surrounding the Greenbelt Metro Station,” said Grace Huebscher, president of Capital One Multifamily Finance in a prepared statement.
BETHESDA, More details of the sale of the 591-unit Gates of Cipriano apartment complex last month have emerged. As GlobeSt.com reported last month, the apartment complex traded for $82.3 million, or $139,171 per unit. The Baltimore-based BDMG acquired the 17-building garden apartment complex from Laramar Group.
Meridian Capital Group's Abe Hirsch, Jacob Katz and Zev Karpel negotiated the financing on behalf of the borrower.
The apartment complex is located at 8501 Greenbelt Rd. It was built in 1966 and is close to full occupancy. The last time it traded, in 2007, it sold for $74.2 million.
Now the complex is poised to benefit from new, nearby development activity.
"The Gates of Cipriano is well-situated to take advantage of the exciting development proposed for the area surrounding the Greenbelt Metro Station,” said Grace Huebscher, president of
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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.
