$76 Million in Commercial Acquisition Financing Arranged For Baltimore Multifamily Communities
In two separate transactions, Brad Domenico, Partner at Progress Capital secured commercial acquisition financing totaling $76,000,000 for OneWall Partners to acquire two suburban multifamily communities totaling 783 units, plus 88 townhomes. Both properties are located in Middle River, MD in southeast Baltimore County, 10 miles from downtown Baltimore. Progress Capital is a leading commercial broker in New Jersey.
Brad secured a $50,985,000 commercial acquisition loan for the borrower to purchase a 39-acre site located at 37 Alberge Lane, formerly Whispering Woods. The property has been rebranded Hopkins Point, is 98 percent-occupied and contains 524 market-rate townhomes featuring one, two and three-bedroom units.
Additionally, Brad arranged a $25,106,000 acquisition loan for the borrower to purchase Oak Grove Apartments & Townhomes located at 303 Holly Drive. The 17-acre property is 94-percent occupied and is comprised of 22 market-rate apartment buildings with 259 units, plus 88 townhomes.
Arbor Commercial Mortgage provided financing for both acquisition loans through Fannie Mae’s SARMS product.
“We’ve been tracking the Maryland market for some time and felt Hopkins Point Townhomes and Oak Grove Apartments presented the perfect opportunity to enter the region with some scale.” -Andy Wallace, OneWall Partners’ CEO and principal.
Both Hopkins Point and Oak Grove are located in Middle River, MD in southeast Baltimore County, 10 miles from downtown Baltimore. The properties sit minutes from I-95, I-695 and US Route 40, and three miles from 555,000 square feet of retail space, facilitating convenient commutes and shopping.
These beautifully landscaped communities have a country-like setting and provide residents with an abundance of amenities including on-site laundry facilities, playground, pet-friendly atmosphere and close proximity to public parks.
“These are the most recent examples of OneWall’s continued efforts to expand their footprint across the Northeast and I’m glad that I was able to arrange the financing to make it happen for them.” –Brad Domenico.
The Middle River Baltimore Crossroads section of Baltimore includes the communities of Middle River, White Marsh Estates, and Chase. Surrounded by rivers and creeks, this area extends from Middle River to Bird River and includes the Dundee Natural Environment Area and Hammerman Area Beach. The area is ideal for commuters, as the train ride to Pennsylvania Station takes less than 15 minutes.
Progress Capital is a commercial lending firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.