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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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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.