PHILADELPHIA and WASHINGTON, D.C. – September 10, 2018 – Berkadia announced today that it structured financing for the acquisition of Reserve at Quiet Waters I & II, a garden-style multifamily property in Annapolis, Maryland. Director Jonathan Pratt and Associate Director Lindsey deButts from Berkadia’s D.C. Metro office worked with Managing Director Jim Badolato of the Philadelphia office to secure the loan through Fannie Mae on behalf of the investment manager, Eagle Rock Advisors LLC. Eagle Rock Advisors LLC is the exclusive advisor to UOB Eagle Rock Multifamily Property Fund II LP and other investment vehicles. Eagle Rock’s multifamily portfolio consists of approximately 7,000 apartment units, primarily in the Northeast.
The Berkadia team secured a full-leverage 10-year, fixed-rate loan with eight years of interest-only.
“Berkadia was extremely pleased to execute our first deal with Eagle Rock and to provide such an attractive financing option that aligned with their goals and strategy for the asset moving forward,” said Pratt. “Eagle Rock’s established operating platform and strong sponsorship were integral to a smooth transaction. We are happy to have played a role in their expansion into the Mid-Atlantic region and look forward to working together again in the future.”
Reserve at Quiet Waters I & II is strategically located in Annapolis, Maryland, situated a short distance from both Interstate 97 and U.S. Route 50, allowing for direct access to Washington D.C. and the Capital Beltway. The property features a variety of one-, two- and three-bedroom floor plans and residents enjoy amenities such as a community swimming pool and a sundeck, 24-hour laundry services and picnic areas. The property also offers easy access to the Annapolis Transit Green Line.