Hirschfeld-PCCP Joint Venture Acquires Large Maryland Multifamily
TH Real Estate, an affiliate of TIAA, provided debt financing of $110 million, which was arranged jointly by the New York City and Washington, DC offices of CBRE Capital Markets.
TOWSON, MD—A joint venture of New York City-based Hirschfeld Properties LLC and PCCP, LLC has purchased the 828-unit Rosemont Towson multifamily property here.
While no purchase price for the multifamily property located 14 miles from Downtown Baltimore was revealed, Jeffrey Hirschfeld, chairman and CEO of Hirschfeld Properties reports that TH Real Estate, an affiliate of TIAA, provided debt financing of $110 million, which was arranged jointly by the New York City and Washington, DC offices of CBRE Capital Markets. PCCP has offices in New York, San Francisco and Los Angeles and has more than $6.5 billion in assets under management on behalf of institutional investors.
Rosemont Towson consists of a 16-story mid-rise tower surrounded by 36 three-story garden buildings. The Hirschfeld-PCCP venture state an extensive renovation is planned, as well as a rebranding and re-positioning of the property. The program will include Hirschfeld’s “One Day Renovation” for all apartment units, as well as extensive upgrades of common areas and amenities, and the addition of new amenities that will include a completely new fitness center, on-demand yoga studio, kids’ club/playroom, pet spa, dog park and playground.
Also planned are a poolside beach bar, outdoor lounge and grilling area, new leasing center, and enhancements throughout the pool area, including the addition of a kids’ splash pad.
Hirschfeld Management, Inc., Hirschfeld’s affiliated management company, has assumed management of the property and will lead the planned renovations, together with affiliate Hirschfeld Building Construction Company, Inc. CBRE Capital Markets Institutional Investment Group of Baltimore, led by Bill Roohan and Brian Margerum, represented the seller in the transaction.
Hirschfeld Properties, which currently owns and manages approximately 3,000 multifamily units from Connecticut to Maryland, is currently looking for additional multifamily acquisition and redevelopment opportunities. Among its target markets for investment include: Maryland, Washington, D.C., Virginia, Pennsylvania, New York, New Jersey, Connecticut, Massachusetts, Tennessee (Nashville), North Carolina, South Carolina and Florida. Investments are also targeted in other select high-growth markets such as Denver, Dallas, Austin and Atlanta, company officials note.