Berkadia announces it has arranged $27.54 million in financing for the acquisition of Melvin Park Apartments, a 263-unit community in Catonsville, Maryland. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins and Senior Analyst Abigail Beauchamp of Berkadia’s Boca Raton office secured the financing on behalf of a JV between GMF Capital and Limitless Management.
Berkadia originated and Freddie Mac purchased a 10-year, floating rate loan with five years IO.
“Baltimore’s growing population, proximity to a variety of public and private sector employers and low cost of living relative to other cities in the region have demonstrated multifamily fundamentals that allow it to compete with markets in the nearby Sunbelt,” said Sinberg. “These factors, coupled with interest rates remaining low, offered a clear opportunity for a successful value-add play in a well-established market.”
Built in 1951, Melvin Park Apartments is located at 351 Suter Road. Two-bedroom units include hardwood floors, stainless steel appliances, walk-in closets and a dishwasher. Community amenities feature two playgrounds, a picnic/BBQ area, large grass courtyards and laundry facilities.
Located in the Baltimore suburb of Catonsville, the community is found near numerous transit routes, higher learning and retail options. Baltimore National Pike and the Baltimore Freeway are each less than five minutes away, providing direct access throughout the greater Baltimore and Washington, DC areas. University of Maryland, Baltimore County is less than 10 minutes from the community, with Westview Mall nearby the property at just under five minutes away.