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.
- ◦Sale/Acquisition
- ◦Financing
