RANDALLSTOWN, MD-Baltimore County's Carriage Hill Apartments complex has been refinanced with a $36 million loan to owners Sawyer Realty Holdings from Arbor Commercial Mortgage, LLC of Uniondale, New York. Sawyer acquired the property from Castle Ventures Limited for $30.3 million in 2000.

The is for a 10-year term at the rate of 7.11%, and amortizes on a 30-year schedule. Funds from refinancing will allow Sawyer to continue a massive rehabilitation campaign at the property, which sits on about 12 acres and has 806 units. Improvements include plumbing and roof repairs, as well as upgrades to individual units. “The borrower envisions an apartment complex that lends itself to the residents feeling a sense of community within this property,” Arbor senior vice president Dan Palmier explains. “Their goal is to continue creating ways in which to maintain and improve upon the already high resident satisfaction rate.”