Previous records show the property was developed by Bozzuto Management Co. on behalf of a JV that included a subsidiary of Notthingham Properties and Northwestern Mutual. Bozzuto did not return a call to GlobeSt.com in time for publication. Bozzuto appears to still be the manager for the asset, according to the apartment building's Web site. Roohan declined to name the seller in a call with GlobeSt.com.
Financing for the deal was also arranged by CBRE: its Capital Markets Mid-Atlantic Debt & Equity Group led by Mauray Zanoff and Joe Donato arranged for $38.6 million in permanent financing for the buyer through Fannie Mae with an interest rate of 4.92% for five years. Built in 1999 and 2002, Cambridge Court is approximately 93% occupied.
CBRE is claiming this is the largest deal this quarter in multifamily for the Mid-Atlantic region thus far; that could well be true, Delta Associates' Grant Montgomery tells GlobeSt.com. "Multifamily trades have been few and far between over the last quarter." Because of that "it is very difficult to gauge where the market is today versus six or 18 months ago, he explains, saying this deal could serve as one data point to compare against other trades that might happen.
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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.
