WASHINGTON D.C. – October 20, 2020 – Berkadia announced today the $44.8 million in financing provided to Heritage at Silver Spring, a luxury multifamily property in Silver Spring, Maryland. Managing Director Laura Smith and Associate Director Rossana Bouchaya of Berkadia’s D.C. Metro office secured the loan on behalf of the borrower, Heritage Silver Spring Titleholder, LLC, a Maryland-based Foulger-Pratt sponsorship. The deal closed on October 14.
The six-month Berkadia bridge loan features an adjustable interest rate and a 25-year amortization schedule.
“This will be the second bridge-to-HUD acquisition loan we’ve worked on with the Foulger-Pratt Team within the last twelve months. While each transaction is unique, FP’s level of knowledge, professionalism and attention to detail certainly helped turn this acquisition into a more efficient loan process. We look forward to closing the HUD loan with the same speed of execution we experienced with their recently closed Monument Village project.” said Smith.
Located at 8021 Georgia Ave., Heritage at Silver Spring features studio, one- and two-bedroom floor plans with hardwood flooring, in-unit washers and dryers, air conditioning and walk-in closets. Community amenities include a golf-simulator, a swimming pool, a business center and a fitness center. Residents are afforded convenient access to Montgomery College, Montgomery College Planetarium and Rock Creek Park.
“Foulger-Pratt is excited to add this property to its existing portfolio in Silver Spring, and we are extremely pleased with the efforts of Laura, Rossana and the entire Berkadia team to provide financing for the acquisition,” said Joe Clauser, Vice President, Foulger-Pratt. “We look forward to working closely with this team to close a HUD permanent loan in the coming months. Foulger-Pratt will be rebranding the asset as Affinity on Georgia in conjunction with renovating the lobby and common areas of the building.”