Cape Advisors Secures $25M Bridge Loan for Maryland Residential Building

A New York-based developer has secured a bridge loan to acquire a 135-unit residential property near the University of Maryland, Commercial Observer has learned.

Cape Advisors landed the $25.4 million loan from lender RMWC for the purchase and renovation of 4800 Berwyn House Road, dubbed University Club. Cape Advisors plans to transform the property, located in College Park, Md., about 15 miles northeast of Downtown Washington, D.C., from student housing into a multifamily complex. A representative for Ripco Real Estate, which brokered the deal, declined to comment on the name of the seller and the price Cape Advisors paid for the property. It last sold for $24.5 million in 2021, records show.

Ripco’s Capital Advisory team, led by Adam Hakim and James Murad, arranged the financing. The building’s overhaul is expected to finish before the start of the 2026-2027 academic year.

“This redevelopment represents a significant opportunity to capitalize on the location’s prime proximity to the University of Maryland while repositioning the property as a high-quality, multifamily asset,” Murad said in a statement. 

In other Maryland multifamily news, Continental Realty late last month paid $86.5 million for Dartmoor at Oxford Square, a 258-unit multifamily complex in Hanover, Md., a suburban town southwest of Baltimore. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.