BALTIMORE-An unnamed borrower secures a two-part loan totaling $166 million with plans to upgrade an 11-property multifamily portfolio. Located here and in surrounding suburban areas, the class A and B properties account for a total of 2,100 residential units.
Needham, MA-based Potomac Realty Capital secured the loan and has not revealed the identity of the borrower. Apartment property owner and manager Sawyer Realty Holdings LLC--which also maintains a base in Needham, as well as in College Park, MD--manages the complexes.
Potomac Realty structured a two-part financing deal for the borrower consisting of a $156 million loan at a 5.48% fixed rate for nine of the 11 apartment communities and a $10-million bridge loan with a fixed-rate of libor plus 295 for the remaining two properties. "With the cash proceeds, the borrower will set aside a couple of million for general upgrades," Potomac Realty's Dan Palmier tells GlobeSt.com. Additionally, the two properties financed with the second loan will be marketed for sale.
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