Berkadia announces it has arranged the $32.18 million recapitalization of Melvin Park Apartments, a 263-unit apartment community in Catonsville, Maryland. Senior Managing Director Mitch Sinberg Managing Director Matt Robbins, and Vice President-Originations Abigail Beauchamp of Berkadia Boca Raton secured the financing on behalf of Melvin Park Owner LP.
Freddie Mac provided the 10-year loan with seven years of interest only.
“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,” said Robbins.
Located at 351 Suter Road, Melvin Park Apartments offers two-bedroom apartments of 753 square feet. Individual units feature private entrances and select units offer new stainless steel appliance packages, new modern plank wood flooring, new granite style countertops and interior doors with appointed hardware. Community amenities include a covered picnic and barbeque area, two playgrounds, designed landscaping, a laundry care center, a dog park and outside storage.
Melvin Park Apartments are located in Catonsville, near Route 40 and close to the University of Maryland, Frederick Road, Patapsco State Park and the Earl and Darielle Linehan Concert Hall.