Catonsville’s Melvin Park Apartments Receive $32M Recap
Melvin Park Owner LP, a joint venture between GMF Capital and Limitless Management, has received a $32 million recapitalization for the Melvin Park Apartments, a 263-unit apartment community in Catonsville, Md.
The owner acquired the property in April 2021 for $33.9 million.
Berkadia facilitated the financing, arranging a 10-year Freddie Mac loan with seven years of interest-only payments.
“The ability to take advantage of Freddie’s index lock to act quickly, locking in the Treasury before rates started increasing [made this a savvy financing opportunity],” Matt Robbins, Berkadia’s managing director, told Commercial Observer. “Melvin Park Apartments are exceptionally located in a submarket with strong fundamentals that also offers its residents the benefits of a suburban setting that is close to all that the city provides.”
Located at 351 Suter Road, the apartments consist of two-bedroom units, each 753 square feet, with select units offering new stainless steel appliances, new modern plank wood flooring and new granite-style countertops. Amenities include a covered picnic and barbeque area, two playgrounds, a dog park and outside storage.
No details were disclosed on whether the owner will use some of the refinancing for further renovations.
Joining Robbins on the deal was Berkadia’s Mitch Sinberg and Abigail Beauchamp.
Keith Loria can be reached at Kloria@commercialobserver.com