WASHINGTON, DC-Cassidy Turley has arranged a non-recourse, fixedrate refinance package totaling $170 million for a 5,000-unit,13-apartment portfolio. The properties, located in fourjurisdictions of the Washington, DC area, are owned bypartnerships controlled by Jack Kay and members of his family.Philip Mudd, Christian Miles, and Jon Goldstein of CassidyTurley arranged the financing under Fannie Mae’s multifamilylending program. Grossberg Yochelson Fox & Beyda servedas the borrower’s law firm.
All of the properties but one are located in submarkets ofMaryland including Germantown, Gaithersburg, Silver Spring,Laurel, Hyattsville, Landover, Temple Hills andAnnapolis. London Park Towers is located in Alexandria,VA. The Maryland properties are White Oak Towers, LondonderryApartments, Senaca Club, Wayne Manchester Towers, DeerfieldRun, Landsdowne Village, Kenilworth Towers, London ParkTowers, Gateway Square and Iverson Towers.
The apartment portfolio is 96% occupied and includes a mixof mid-rise, high-rise, garden-style, and town homes. Thedeal was complex because of its size and the number of units--andthe fact that the properties were not cross-collaterized,Mudd tells GlobeSt.com.
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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.
