Two Multifamily Housing Projects Get Financing Through Capri Capitol

ARLINGTON, VA-Two multifamily projects have received more than $12 million in financing through Capri Capitol’s regional office here. The company arranged $10 million in financing for Heritage Park Apartments in Adelphi, MD and $2.275 million in second financing for School Lane House Apartments in Philadelphia, PA.

Heritage Park is a 299-unit garden-style apartment complex located at 1818 Metzerott Road in Adelphi. Built in 1968, the property includes seven five-story buildings consisting of two studio, 96 one-bedroom, 139 two-bedroom and 56 three-bedroom units. The owners have completed extensive upgrades in the last three years and are now benefiting from the strong real estate market. The property was refinanced with a 10-year interest-only loan at a 6.72% fixed rate.

The financing for School Lane House Apartments in Philadelphia comes just 15 months after Capri arranged a $15-million acquisition loan for the property. The complex is funded with an 11-year Fannie Mae DUS/MBS loan with 30-year amortization and a fixed rate of 7.17%.