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

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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.

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