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Linden Property Group has purchased River Bay Townhomes in Lexington Park, MD with a $19.5-million acquisition loan arranged by JLL.

Liquidity for Affordable Housing Spurs $20M Financing for Lexington Park Buy

JLL has arranged $19.5 million in acquisition financing for River Bay Townhomes, a 173-unit, value-add multi-housing community in Lexington Park, MD. Of the 173 units, 155 units are set aside for tenants who make no more than 60% AMI.

Jamie Leachman, Amit Kakar and Carter Wroblewski represented the borrower, Linden Property Group, to secure a floating-rate bridge loan through Sound Point Capital Management.

“There remains a tremendous amount of liquidity for product with a focus on ESG and affordable housing initiatives,” said Leachman.

Developed using Low Income Housing Tax Credits in 2004 and 2005, River Bay Townhomes consists of all three-bedroom, two-bath units with attached garages and an average square footage of 1,291, making them some of the largest units in the submarket.

The property is located within St. Mary’s County, an area that includes an advent of the military bases, an extensive defense contractor presence, and the University of Southern Maryland.


Inside The Story

JLL's Leachman

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.

  • ◦Sale/Acquisition
  • ◦Financing