Glendale Apartments in Suburban DC Snag $87M Fannie Mae Loan
Quantum Equities has received an $87 million Fannie Mae Delegated Underwriting and Servicing (DUS) loan to refinance the Glendale Residence Apartments, a 486-unit multifamily property in the Washington, D.C., suburb of Lanham, Md.
Greystone provided the financing. The loan carries a 12-year term, a low fixed-interest rate, five years of interest-only payments, and a 30-year amortization period.
“It was a great way for the borrower to capitalize on low interest rates, and further their [capital expenditures] plan and value-add initiative for the property,” Dan Sacks, a managing director for Greystone, told Commercial Observer. “The property owners purchased the property in 2018 and started adding value by renovating units, and investing in capex to the interior and exterior of the property.”
The refinancing will allow Quantum Equites to continue to reinvest in the property for Phase II and beyond.
“Once again, the Greystone team rose to the occasion and delivered exceptional results in remarkably short order,” Josh Fink, vice president at Quantum Equities, said. “We’ve navigated through so many unknowns over the past year, but there was never a question in my mind that Greystone would be our trusted partner on this deal and many more to come.”
Located at 9971 Good Luck Road in Prince George’s County, the garden-style apartment community was originally built in 1968. The property is located near the Greenway Shopping Center Beltway Plaza, and is close to numerous schools, employers, shopping and entertainment, as well as to the Goddard Space Flight Center and The University of Maryland.
The apartments feature 486 one-, two-, and three-bedroom units with modern appliances and finishes; in-unit washer/dryers; walk-in closets and private outdoor living spaces. Amenities include a swimming pool, picnic and playground area, and on-site parking. The property has also achieved Energy Star certification from Green Building Certification.
Joining Sacks on the deal was Eric Rosenstock, a managing director for Greystone.
“This is the housing stock that needs value-add improvements, and serves as a win for landlord and tenant alike,” Sacks said. “We’re very comfortable lending on these business plans in these areas.”