Goldstar Group Lands $81M Multifamily Refi in Maryland

As the Trump administration mulls whether to privatize Fannie Mae and Freddie Mac, some developers are securing loans from the quasi-governmental agencies before more uncertainty kicks in.

That includes Bethesda, Md.-based Goldstar Group, which landed an $81 million refinancing loan tied to EDE, a 350-unit multifamily property in Frederick, Md., Commercial Observer has learned. Newmark originated the fixed-rate, Fannie Mae financing for Goldstar.

Newmark’s Adam Randall, John Westby-Gibson and Drake Blodgett arranged the five-year financing via Fannie’s Near Stabilization Program, which allowed Goldstar to pay off its previous $84 million construction loan for EDE, which it secured in 2022, before full stabilization. 

“This refinancing provided Goldstar with a strategic solution to retire its construction debt and secure long-term stability during lease-up, positioning the asset for continued success,” Randall said in a statement. 

“We were able to secure a great Fannie Mae execution and put the asset on stable footing as we move closer to finishing the lease-up of the property,” Michael Brodsky, Goldstar managing partner, added. 

Completed in 2024, EDE — previously dubbed Residences at East Church — is about 46 miles northwest of Downtown Washington, D.C. Goldstar in 2020 acquired the 24-acre parcel to build the housing complex, at 400 East Seventh Street, from Frederick Health Hospital for about $5 million.

The Trump administration in August, meanwhile, met with leaders of six top banks to discuss a plan to sell up to $30 billion in preferred shares of Fannie and Freddie on the open market. If that sell-off comes to fruition, it would be the largest initial public offering in history. 

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