COLUMBUS, Ohio – October 21, 2020 – Berkadia announced today a $19.1 million forward commitment to provide tax-exempt permanent financing for Suitland Senior Apartments, a 137-unit senior independent living community to-be-built in Suitland, Maryland. Senior Managing Director Matthew Napoleon of Berkadia’s Columbus, Ohio office secured the loan on behalf of the borrower, Philadelphia-based Mission First Housing Group. The deal closed on September 24.
The Freddie Mac 30-month forward commitment features an 18-year tax-exempt loan, with a fixed interest rate, a 90 percent loan-to-value ratio and a 40-year amortization.
“We were delighted for the opportunity to strengthen our growing relationship with Mission First, through what we hope is the first of many secured financings,” said Napoleon. “We are also thrilled to see the continued expansion of Berkadia Affordable through our working relationships with Maryland CDA, R4 Capital and Fulton Bank. As, together, we work towards our common goal for more affordable housing.”
Suitland Senior Apartments will be built at the corner of Toles Park Drive and Towne Square Boulevard, as part of a vibrant, mixed-use pedestrian and transit-oriented development positioned next to Suitland Metro Station. Once complete, the property will feature a business center, a clubhouse, a fitness center, elevators, central laundry, a yoga room, a rooftop terrace, a game room and an on-site management office. The senior living community will include 120 one-bedroom units and 17 two-bedroom units. Construction on the property is set to be completed by March 2022.