BETHESDA, MD-Misty Ridge Apartments in Woodbridge, VA, traded several weeks ago for $62 million. The deal is in the spotlight again with news of its financing: Beech Street Capital arranged a $49.5 million Freddie Mac CME loan for the acquisition of the 409-unit apartment complex. Castle Lanterra Equity in New York City acquired the property from Klingbeil Capital.
The fixed-rate loan has a seven-year term, one-year interest only, with 6.75 years of defeasance.
The transaction was originated by Barry Lefkowitz of Meridian Capital Group, LLC and financed by Beech Street Capital as part of its correspondent relationship with Meridian. The borrowers are repeat customers of Beech Street, the company reports, having closed over $105 million in business with the company since 2011.
Misty Ridge, built in 1989, consists of 25, two-story apartment buildings and one clubhouse/leasing building. After Klingbeil Capital acquired it in 2010 for $45 million it launched a unit renovation program that has helped them achieve a 19% increase in rents. To date, 130 of the 409 units have been renovated.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
