Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

BALTIMORE-An unnamed borrower secures a two-part loan totaling $166 million with plans to upgrade an 11-property multifamily portfolio. Located here and in surrounding suburban areas, the class A and B properties account for a total of 2,100 residential units.

Needham, MA-based Potomac Realty Capital secured the loan and has not revealed the identity of the borrower. Apartment property owner and manager Sawyer Realty Holdings LLC–which also maintains a base in Needham, as well as in College Park, MD–manages the complexes.

Potomac Realty structured a two-part financing deal for the borrower consisting of a $156 million loan at a 5.48% fixed rate for nine of the 11 apartment communities and a $10-million bridge loan with a fixed-rate of libor plus 295 for the remaining two properties. “With the cash proceeds, the borrower will set aside a couple of million for general upgrades,” Potomac Realty’s Dan Palmier tells GlobeSt.com. Additionally, the two properties financed with the second loan will be marketed for sale.

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?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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.