Eagle Bank Lends $38M on Maryland Multifamily Property

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Landex Development has scored $38 million from Eagle Bank to refinance Studio 3807—a newly-constructed multifamily property in Brentwood, Md., Commercial Observer has learned.

SEE ALSO: Deutsche Bank Lends $35M to Refi Two-State Apartment Portfolio

NKF Capital MarketsDustin Stolly, Jordan Roeschlaub, Daniel Fromm and Joshua Egert negotiated the debt.

Studio 3807 is a public-private partnership between Linthicum, Md.-based family owned developer Landex and Prince George’s County, located at 3807 Rhode Island Avenue in the county’s Gateway Arts District.  It comprises 147 residential units, 6,000 square feet of retail space, 3,000 square feet of artist studios and 192 parking spaces.  Building amenities include a yoga studio and fitness center.

“Landex built a property that will have a meaningful impact on the area,” Roeschlaub said in prepared remarks. “The project represents an investment in community-building and the arts.”

“Eagle Bank was a natural fit to finance this building and we are pleased to have been able to arrange financing that met all the needs of our client,” Fromm added.

The NKF Capital Markets team has been active nationally. Recently-arranged deals include a $25 million CMBS loan from Goldman Sachs to refinance the Moxy Denver Cherry Creek hotel in Denver, Colo.; a $60 million loan from Värde Partners to refinance three multifamily properties in Greensboro, N.C. and Farfield, Ohio; and a $54 million floating-rate loan from Oaktree Capital Management to refinance 60 Guilders’ retail properties at 119-121 Spring Street in Soho.