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ST. CHARLES, MD-American Community Property Trust secures financing in the amount of $27 million has closed for the construction of the 252-unit Sheffield Greens Apartments. The funds were in the form of a loan at an interest rate of 5.47%.
GMAC Commercial Mortgage Corp. facilitated the non-recourse financing. Situated on 16 acres at the intersection of Billingsley Rd. and St. Charles Pkwy., the nine-structure Sheffield Greens is one of a handful of multifamily properties planned for Fairway Village, the third of five villages that will ultimately grace the St. Charles community.
"Sheffield Greens, the first apartment property to be constructed in St. Charles in 10 years, will represent another step forward in meeting the housing needs of Charles County, which is currently experiencing strong demand for rental housing," says ACPT president and COO Edwin L. Kelly. "This apartment complex will help meet that demand." Construction is being spearheaded by Bozzuto Construction Co. and is scheduled to reach completion within the next 20 months.
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