Berkadia Completes $24.5 Million Sale and Secures Over $14.59 Million in Financing for Multifamily Property in Maryland
NORFOLK, Va. and WASHINGTON, D.C. — November 30, 2022 — Berkadia announced today the sale of and financing secured for The Greens at Schumaker Pond, a 168-unit garden-style multifamily property located in Salisbury, Maryland. Senior Managing Director Drew White of Berkadia DC Metro and Senior Director Carter Wood of Berkadia Norfolk completed the $24.5 million sale on behalf of the seller, New York-based The Benchmark Group. The buyer was Pennsylvania-based Charter Hall Ventures, and the deal closed on October 27.
“We’re pleased to have represented The Benchmark Group in the successful round-trip of this asset,” said White. “They chose to exit Salisbury at a very opportune time as The Greens at Schumaker Pond, and most of the comparable properties, are all at 100 percent occupancy and are experiencing exceptional rent growth. The Charter Hall team recognized these favorable market conditions, and they will do well with this asset’s business plan and location.”
Patrick McGlohn, Miles Drinkwalter and Natalie Revers, also of Berkadia DC Metro, secured $14.594 million in permanent acquisition financing on behalf of the buyer. The 12-year loan was financed through Fannie Mae.
“This was an incredible execution by Charter Hall Ventures, Fannie Mae and Berkadia, despite the turbulent market conditions,” said McGlohn. “Charter Hall Ventures was excellent to work with from start to finish, and we look forward to Charter Hall’s continued success.”
Located at 701 College Lane, The Greens at Schumaker Pond features one-, two- and three-bedroom floor plans with in-unit washers and dryers, walk-in closets and dishwashers. Community amenities include a swimming pool, a fitness center and a picnic area. The property affords residents convenient access to The Ward Museum of Wildfowl Art, Salisbury University and the shops and restaurants near Snow Hill Road.