New York City-based Quantum Equities has sealed a $68.8 million debt package from Greystone for its acquisition of an apartment complex in the Maryland suburbs of Washington, D.C., Commercial Observer can exclusively report.
The 12-year Fannie Mae-backed mortgage loan carries a fixed interest rate, with no payments on the loan’s principal balance for the first six years. It serves to fund Quantum’s purchase of The Glendale Apartments, a multifamily property at 9971 Good Luck Road in Lanham, Md. The community, about 12 miles northeast of the Capitol Building, lies just outside the Washington Beltway.
NASA‘s Goddard Space Flight Center, a research and development facility that houses the Hubble Space Telescope program and employs more than 10,000 workers, is just a few blocks from the 486-unit development.
Dan Sacks and Eric Rosenstock originated the financing for Greystone.
“The…fundamentals for the Lanham market are on an upswing, enabling Quantum to leverage growing rental demand and increased rents in the area,” Rosenstock said in prepared remarks. Greystone noted in an announcement about the loan that a new Amazon warehouse in the neighborhood will help fuel demand.
At the development, a smattering of three-story apartment buildings rise above courtyards planted with trees and grass, encircled by private roads that feature parking spaces for residents.
One-bedroom units at The Glendale rent for between $1300 and $1800 per month, according to a local real estate website. Three-bedroom apartments, the biggest of which are 1,200 square feet, top out at $2,290 per month.
A representative for Quantum Equities did not immediately respond to a request for comment.