Acento Real Estate Partners has received $114 million in financing to acquire the Awalt Builders Baltimore Portfolio, three multifamily properties in the Baltimore area comprising a total of 774 units, according to Newmark Knight Frank, which facilitated the loan.
NKF arranged a 10-year, fixed-rate Freddie Mac loan with an initial 5-year interest-only period for the buyer. The deal was the largest multifamily acquisition in Baltimore this year.
“The portfolio contained well maintained assets with a steady operating history,” Shawn McDonald, NKF’s multifamily capital markets vice chairman, told Commercial Observer. “The appeal was clean, safe, workforce housing.”
The portfolio, located near downtown Baltimore, consists of Chatham Gardens, located at 332 North Chatham Road in Ellicott City; Old Orchard Apartments, located at 1 Stayman Court in Catonsville; and Burnam Woods Apartments, located at 2 Beeson Court in Nottingham. Acento will complete common area renovations on the property, which were built in the mid-to-late 1980s.
“Multifamily in suburban Baltimore has been, and continues to be, a stable performer,” McDonald said.
Despite the pandemic, NKF was able to facilitate the financing for Acento, completing the transaction quickly, with all material financing terms maintained.
“This transaction was integral to the growth of our client’s operations and we were determined to close on schedule,” McDonald said. “COVID-19 concerns presented obstacles, which required creative and flexible solutions to mitigate. Working remotely, our team remained in constant communication to ensure the most successful outcome for our client.”
NKF director Anthony Hebenstreit was also part of the financing team.