Washington DC + Baltimore + Finance | January 18, 2023

Fairfield Residential has secured $100 million to support renovations at the Villages at Marley Station apartments in Glen Burnie, MD.

Fairfield Residential Locks In $100M for Renovations to Glen Burnie Community

KeyBank Community Development Lending and Investment has provided a $100-million bridge loan to San Diego, CA-based Fairfield Residential to support renovations at Villages at Marley Station, a 757-unit mixed-income community located in Glen Burnie, MD.

Matt Haas and Greg Deeks of financial services company KeyBank Community Development Lending and Investment structured the financing on behalf of Fairfield Residential.

Villages at Marley Station, which was constructed in 1963 and renovated in 1997 and 2009 with Low Income Housing Tax Credit (LIHTC) equity, was acquired by Fairfield Residential in December 2021. The property consists of 26 elevator-serviced low-rise buildings in which 590 units are restricted to 50%, 60% and 80% AMI with a Land Use Restrictive Agreement until 2026. The remaining 167 units are market rate. Post renovations, Fairfield will have converted 100% of the units to 60% AMI.

The loan will be re-syndicated later in 2023.

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KeyBank Community Development Lending's Haas

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.