Washington, D.C. (September 23, 2020) – Berkadia announces it has secured a $29.71 million loan for the acquisition of North Pointe, a 235-unit workforce housing community located in Hyattsville, Maryland. Senior Managing Director Mitch Sinberg and Associate Director Matthew Robbins of Berkadia’s Boca Raton office secured the financing on behalf of a JV between July Residential, led by Avihai Daniell and Isaac Pinto, and Firm Capital Apartment REIT.
Berkadia originated and Freddie Mac purchased the 12-year, fixed rate mortgage.
“We’re very happy to have partnered with Mitch Sinberg and Matt Robbins of Berkadia on the financing of North Pointe,” said Daniell. “We’re thrilled to have been able to capitalize on the favorable lending environment, and navigate through these unprecedented times to close on the acquisition of this highly desirable community in one of Washington D.C.’s fastest growing submarkets. Located across the street from the West Hyattsville Metro Station, North Pointe, a community with a strong demand by residents for easy access to nearby employment centers, will make a great addition to our portfolio. North Pointe presented impressive resiliency through the pandemic this past year and we’re excited to take ownership and bring it to its full potential, as well as continuing to expand our footprint in the D.C. metro region.”
Located at 5735 29th Avenue, North Pointe is a garden-style community built in 1954 that consists of seven buildings with one-, two- and three-bedroom apartment homes, and 243 surface parking spots. The previous owner completed upgrades to kitchens and baths in 106 of the 235 units, including updated cabinetry, appliances, flooring, and fixtures. Community amenities include a playground, grilling/BBQ area, soccer field, two grassy courtyards, and two central laundry facilities. It is located adjacent to Heurich Park, which has a dog park.
North Pointe is conveniently located roughly 30 minutes outside of downtown Washington D.C., and is conveniently located within 10 minutes walking distance of the West Hyattsville Station of the D.C. Metro (Green/Yellow Lines). This provides access to the University of Maryland College Park (two stops away), Union Station (five stops away), and downtown Washington, D.C. (seven stops away). The addition of the Purple Line of the Metro, to be completed in 2022, will ultimately allow residents of North Pointe to access employment centers, universities, points of interest, and amenities throughout the Washington, D.C. metro area even easier.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
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