WASHINGTON D.C. and CHEVY CHASE, Md. – April 23, 2019 – Berkadia today announced $48.6 million in financing for Pennbrooke Station, a garden-style multifamily property in District Heights, Maryland. Director Jonathan Pratt of Berkadia’s Washington D.C. office secured the loan on behalf of Maryland-based Dragone Realty Investments. The deal closed on March 27.

The bridge loan from Pacific Coast Capital Partners will facilitate the acquisition and renovation of the property. Dragone Realty Investments is purchasing the property from Foulger Pratt Development.

“We are thrilled to have the opportunity to work with great partners like Dragone Realty Investments and Pacific Coast Capital Partners,” said Pratt. “Vito Dragone of Dragone Realty Investments demonstrated true commitment to this opportunity and a unique vision for the property. Once completed, I am confident that Pennbrooke Station will be one of the premier assets in the submarket.”

Located at 5042 Silver Hill Court, the property features one-, two- and three-bedroom floor plans with natural light, spacious closets and balconies. Community amenities include a playground, a dog park, a swimming pool with a sun deck and laundry facilities. Residents are also afforded convenient access to Suitland Park and the shops and restaurants at the intersection of Pennsylvania Avenue and Silver Hill Road.

The property was sold by Dean Sigmon and Robin Williams of Transwestern. Robin and Dean also sold the two other assets in the Foulger Pratt Prince George’s County Portfolio, Cheverly Station and Parkland Station Apartments.