Robert Khodadadian – Commercial Observer

Melvin Park Owner LP has received $32 million in 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. 

“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

Melvin Park Owner LP has received $32 million in 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.  “The ability to take advantage ofRead MoreChannel, Finance, Refinance, 351 Suter Road, Abigail Beauchamp, Berkadia, Matt Robbins, Melvin Park Apartments, Melvin Park Owner LP, Mitch Sinberg

Robert Khodadadian, skyline properties, ground leases

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