BALTIMORE, MD—Locally-based Blue Ocean Realty has refinanced a CMBS loan it used to acquire Millbrook Apartments in Pikesville at the beginning of the year with a $20 million bank loan bearing an interest rate of 3.125%.
Briefly, as we reported at the time, the company declined to report a price for the 73-building 720-unit complex, but records say it traded for $46 million or approximately $63,889 per unit.
Ira Zlotowitz and Meir Kessner at Eastern Union Funding, a private mortgage brokerage, initially brokered an $18 million six-month CMBS construction bridge loan from Arbor Commercial Mortgages. The rate on the bridge loan was 600 over LIBOR.
Three months later, Zlotowitz and Kessner secured $20 million loan from Customers Bank, at a five-year term with one-year interest only.
The loan also has the option to earn-out an additional $20 million in coming months.
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