Capital One Closes $55M Freddie Mac Loan on Maryland Multifamily Asset
A joint venture between Insight Property Group, AHC and Federal Capital Partners has secured a $55 million floating-rate Freddie Mac loan for the acquisition of Camden Largo Town Center Apartments, a 245-unit community in Largo, Md., Commercial Observer can first report.
Capital One provided the 10-year loan, which features five years of interest-only payments. The deal was originated by a team led by Jonathan Pratt, Rossana Bouchaya and Pat Greenwood.
“As the affordable housing shortage continues to be a challenge across the country, these sponsors committed to voluntary affordability measures, in which they are allocating units for low- to moderate-income households,” said Pratt, senior vice president of agency finance for Capital One (COF). “We worked closely with the agency to highlight the sponsor’s business plan and affordable housing commitments to secure the best leverage and proceeds.”
Located at 9701 Summit Circle, the multifamily apartments have monthly rents that range from $1,698 for one-bedrooms to $2,416 for three-bedrooms. Amenities include a pool and fitness center, according to Apartments.com.
Insight Property Group, AHC and Federal Capital Partners officials did not immediately respond to requests for comment.
Emily Fu can be reached at email@example.com.