Progress Capital Secures $76M Acquisition Loan for Baltimore MF Properties
Progress Capital has provided $76 million in acquisition financing for two multifamily communities totaling 783 units, plus 88 townhomes in Metro Baltimore.
The two communities are located in Middle River, MD. in southeast Baltimore County, approximately 10 miles from downtown Baltimore. The properties include Hopkins Point, a 98% occupied, 524-unit community and Oak Grove Apartments & Townhomes, a 94% occupied property with 259 units and 88 townhomes. Amenities include on-site laundry facilities, playground, pet-friendly atmosphere and close proximity to public parks.
Brad Domenico of Progress Capital secured the acquisition financing on behalf of borrower, OneWall Partners. Arbor Commercial Mortgage provided financing for both acquisition loans through Fannie Mae’s SARMS product.