WASHINGTON D.C. – February 26, 2020 – Berkadia announced today the $53 million in financing provided to Monument Village at College Park, a Class-A multifamily property in College Park, Maryland. Managing Director Laura Smith of Berkadia’s D.C. Metro office secured the bridge loan on behalf of the borrower, Maryland-based Foulger-Pratt. The deal closed on February 18.
The six-month loan features a floating interest rate and an 80 percent loan-to-value ratio.
“Working with a quality client and a quality asset made getting the job done quickly, possible,” said Smith. “I was glad our team, including Mary Cox, Rossana Bouchaya and our entire underwriting staff could help Foulger-Pratt acquire this asset successfully given the tight time frame provided by the seller.”
Joe Clauser, Director of Acquisitions at Foulger-Pratt added, “Monument Village is Foulger-Pratt’s first acquisition as part of a new strategy to acquire Class-A multifamily assets that provide highly attractive risk-adjusted returns in growth markets across the country. We genuinely appreciate the collaborative effort with the Berkadia team to get the acquisition closed swiftly and smoothly.”
Located at 9122 Baltimore Ave., Monument Village at College Park features studio, one- and two- bedroom floor plans with hardwood-style flooring, granite countertops, stainless steel appliances, walk-in closets and keyless entry doors. Community amenities include a resort-style pool, a lounge, a fitness center, a yoga room and a pet spa. Residents are afforded convenient access to The University of Maryland College Park, a variety of retail destinations and Interstate 495.