TOWSON, MD-The 495-unit Loch Raven Village apartment community will get a new owner and a facelift with the assistance of a $38.5-million joint venture equity and debt financing deal that has just closed. Located at 1711 Edgewood Rd. just off the Baltimore Beltway, The residences are contained within a number of colonial townhouse-style structures sprawled out on a 21-acre parcel.
Maury E. Zanoff and Joseph W. Donato Jr. of CBRE Melody, the real estate investment banking division of CB Richard Ellis, orchestrated the transaction on behalf of the borrower, the Bozzuto Group. CBRE Realty Finance provided the equity financing and Principal Real Estate Investors provided the debt financing.
"We crafted a fixed-rate deal which will allow both acquisition and rehabilitation financing to upgrade the physical aspects of the property while eliminating the additional cost and interest rate risk of alternative floating rate debt throughout," Zanoff says. Loch Raven Village was developed in the 1950s.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.