Glendale Apartments in Suburban DC Snag $ 87 M Fannie Mae Loan – Commercial Observer
Quantum actions received $ 87 million Fannie Mae Subscription and delegated service loan (DUS) to refinance the Glendale Residence Apartments, a 486-unit multi-family property in Washington, DC, a suburb of Lanham, Md.
Gray stone provided the funding. The loan has a 12-year term, a low fixed interest rate, five years of interest-only payments, and a 30-year amortization period.
“It was a great way for the borrower to take advantage of the low interest rates and [capital expenditures] value-added property plan and initiative, ” Dan Sacks, managing director of Greystone, told Commercial Observer. “The owners bought the property in 2018 and started adding value by renovating units and investing in capexes inside and outside the property.”
The refinancing will allow Quantum Equites to continue to reinvest in the property for Phase II and beyond.
“Once again, the Greystone team seized the opportunity and delivered exceptional results in a remarkably short timeframe,” Josh fink, said the vice president of Quantum Equities. “We’ve been through so many unknowns in the past year, but I never had in mind that Greystone would be our trusted partner on this deal and many more to come.”
Located at 9971 Good Luck Road in Prince George County, the garden-style apartment community was built in 1968. The property is located near the Greenway Beltway Plaza Shopping Center, and is close to many schools, employers, shopping and entertainment, as well as the Goddard Space Flight Center and The University of Maryland.
The apartments include 486 one, two and three bedroom units with modern appliances and finishes; washers / dryers in unit; dressing rooms and private outdoor living areas. Facilities include a swimming pool, picnic and playground area and on-site parking. The establishment has also obtained Energy Star certification from Green Building Certification.
Joining Sacks on the case was Eric Rosenstock, Managing Director of Greystone.
“This is the housing stock that needs value-added improvements, and serves as a win for the owner and the tenant,” Sacks said. “We are very comfortable lending on these business plans in these areas.”