Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

(To read more on the debt and equity markets, click here.)

PARKVILLE, MD-An affiliate of local commercial real estate operator Multi-Properties Inc. wins a refinancing package totaling $33.5 million for the Ridge Gardens Apartments, a 603-unit multifamily community located at 8509 Harford Rd. The firm also developed the 1960s-era garden-style property and serves as its manager.

Meridian orchestrated the 10-year loan. The purpose of the refinancing, a Meridian spokesperson tells GlobeSt.com, was for the borrower to cash out equity, taking advantage of a low-interest rate that allowed it to “realize additional loan proceeds with just a marginal increase in the annual debt service payments.” A portion of the funds from the refinancing will be reinvested in the property.

The loan, made available by Independence Community Bank, carries a rate of 5.4%. Ridge Gardens is situated on an approximately six-acre parcel off Interstate 695 in Suburban Baltimore.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.