ODENTON, MD—Pantzer Properties has acquired Phase II of Seven Oaks, a 264-unit apartment building here, for $47 million, a source tells GlobeSt.com.
The seller was Fairfield Residential.
Seven Oaks is a dual-phase residential community very close to Fort Meade. Constructed in 2000, it consists of 12 three-story garden-style apartment buildings and a clubhouse.
The company secured $38.25 million in a floating-rate mortgage for the sale, according to CBRE, which arranged both the financing and the sale.
The ten-year loan is being provided by Freddie Mac, and facilitated by Shawn Rosenthal of CBRE's Midtown Manhattan office and David Webb of CBRE's Washington, D.C., office. Other team members involved in the financing included Kevin Schmidt, Maxi Thiels and William Daniels.
Loan terms were extremely competitive and should generate "spectacular returns," says Rosenthal.
A team headed by William Roohan and Michael Muldowney of CBRE's Baltimore, Maryland, office represented the seller in the sale.
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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.
