
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.