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.
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.