$29M Mortgage Loan in Place for Seneca Apartments

GERMANTOWN, MD-The Seneca Club Apartments complex has gotten a new owner with Silver Spring, MD-based Kay Apartment Communities’ $29-million acquisition of the 380-unit multi-family property. Kay Apartment Communities was able to finance the purchase via a first mortgage loan attained through Berkshire Mortgage Finance.

According to Montgomery County records, the property, which consists of nearly 400,000 sf spread out among 22 acres, has an assessed value of $27.4 million for 2002, and $29.7 million for 2003. And while the records do not indicate the most recent sale price, the property last changed hands in June 2001, when the ownership deed was transferred from Aetna Life Insurance Co. to Carlsbad, CA-based Seneca Club Investors Group.

Located in a residential area at 18065 Cottage Garden Dr., just off Great Seneca Hwy., the 15-year-old Seneca Club is easily accessible by I-270 and sits within close proximity to Seneca Creek State Park. The cottage-style apartment community boasts such features as a fitness center, a community clubhouse, racquetball courts, and a playground.

Kay Apartment officials see the property as a perfect fit for its portfolio of multi-family properties in the Maryland and Virginia communities that comprise the greater Metropolitan Washington, DC area. “It was truly a pleasure to have had the opportunity to work with Kay Apartment Communities and Berkshire Mortgage Finance, two of the finest companies in the business,” Transwestern Structured Finance Group senior vice president and managing director Clifford N. Mendelson says. This financing arm of Transwestern Commercial Services guided Kay Apartment Communities through the process.