Washington DC + Baltimore + Finance | April 12, 2021

JV Secures $28M Acquisition Loan for Metro Baltimore Apartment Community

Berkadia has arranged a $27.5 million acquisition loan for Melvin Park Apartments, a 263-unit apartment community in Catonsville, MD. The borrower was a JV between GMF Capital and Limitless Management.

Built in 1951, Melvin Park Apartments is located at 351 Suter Road. Two-bedroom units at the community include hardwood floors, stainless steel appliances, walk-in closets and a dishwasher. Amenities include two playgrounds, a picnic area, large grass courtyards and laundry facilities. The property is located in the Baltimore suburb of Catonsville.

Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia’s Boca Raton office secured the financing on behalf of the JV. Berkadia originated and Freddie Mac purchased a 10-year, floating rate loan with five years of interest-only payments.

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Berkadia’s Sinberg

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.