KeyBank Secures $67M Refinancing for Elkridge MF Property
KeyBank Real Estate Capital has secured a $66.7 million loan to refinance Verde at Howard Square II, a 344-unit, mid-rise multifamily community in Elkridge.
Built in 2019, the property is comprised of eight, four-story residential buildings on more than 20 acres of land. Amenities include covered parking, a business center, clubhouse, fitness center, swimming pool with lounge deck, game room and dog-washing room.
Dirk Falardeau of KeyBank’s Commercial Mortgage Group secured the financing on behalf of the borrower, Atapco Properties. Terms of the Freddie Mac loan included a 16-year term, subsequent to a 10-year, interest-only period on a 30-year amortization schedule.
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