Greystone has provided a $68.8 million Fannie Mae DUS loan for the acquisition of The Glendale Apartments, a 486-unit community in Lanham, Md. The financing carries a 12-year fixed rate and 6 years of interest-only payments. Quantum Equities is the new owner of the property.
Dan Sacks and Eric Rosenstock of Greystone’s New York office originated the loan. The two brokers have recently facilitated a similar, $77 million refinancing loan for 1,337-unit Park West Apartments in Indiana.
Located at 9971 Good Luck Road, The Glendale Apartments is close to NASA Goddard Space Flight Center. The community is within 7 miles of University of Maryland and College Park, while downtown Washington, D.C., is within 15 miles. Completed in 1961, the asset’s one-, two- and three-bedroom units average 1,012 square feet and are spread across 41 buildings. According to Yardi Matrix data, common-area amenities include a swimming pool, a playground and 900 parking spaces.
“The market fundamentals for the Lanham market are on an upswing, enabling Quantum to leverage growing rental demand and increased rents in the area,” Rosenstock said, in prepared remarks.
Source: Multi-Housing News
