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Middle-Market Digest: The Mid-Altantic

WASHINGTON, DC--A roundup of news and deals you may have missed from around the region.

By Erika Morphy | erikamorphy | Updated on November 22, 2016

CAPITAL MARKETS

SUITLAND, MD–Bedford Crest LLC has secured a $1.7 million loan from Englewood Cliffs, NJ-based Kennedy Funding Financial to fund the acquisition of 10.66 acres of raw land in Suitland, Md., close to Andrews Air Force base and the Census Bureau. Kennedy Funding provided funding based on the value of the land with newly-secured zoning in place. It took two years for Bedford Crest to successfully rezone the property to allow for 175 apartments units and 57 townhome units, improving the value of the property by millions of dollars. Bedford entered into a contract to purchase the land in 2014 for $900,000.

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