Walker & Dunlop Provides $75M Acquisition Financing for Baltimore-Area Apartments

Quest Management Group has secured $75 million in acquisition financing to purchase the Worthington Apartments, a 612-unit multifamily community in Pikesville, Md., a suburb 15 miles northwest of Baltimore. 

The seller was not disclosed, according to a release.  

Walker & Dunlop provided the 10-year, fixed-rate, nonrecourse acquisition debt through its agency financing arm, while the Walker & Dunlop Capital Markets team of Jonathan Zilber and Joel Chetner arranged the transaction. 

In a statement, Zilber described the debt as “long-term, competitive agency financing,” and spoke to the track record Quest Management Group has as a multifamily owner and operator. 

“The financing achieved is reflective of the deep experience that Quest has in the market, and highlights Walker & Dunlop’s expertise in tailoring agency financing to best meet the needs of our client,” said Zilber. 

Located at 7900 Brookford Circle, Worthington Apartments is a collection of 29 buildings, of which 21 are three-story garden-style apartments. The other buildings include four garages, a clubhouse, a pool house, a security office and a maintenance facility. 

The complex sits on 37 acres and opened in 1964.  

Quest Management Group did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commercialobserver.com.