Abod, along with colleague Bob Donhauser arranged $16.6 million in financing for Crow to acquire the property. It secured a 10-year securitized, fixed rate loan through conduit lender Bank of America. Abod declined to mention the rate or the leverage of the loan but he did tell GlobeSt.com that it is interest-only for the entire term. What was notable about the deal, he adds, is that all of the participants were able to turn it around within 30 days.
Located at 6981 Hechinger Dr. close to Interstate 495, Backlick Plaza was built in 1970 and renovated in 2006.
Crow Holdings is now investing its fourth private equity fund, Crow Holdings Realty Partners IV LP, which is capitalized with $850 million, including a $150 million commitment by the sponsor.
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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.
