In two separate transactions, Brad Domenico, partner at Tinton Falls-based Progress Capital secured acquisition financing totaling $76,000,000 for OneWall Partners to acquire two suburban multifamily communities totaling 783 units, plus 88 townhomes. Both properties are located in Middle River, Md. in southeast Baltimore County, 10 miles from downtown Baltimore.
Domenico secured a $50,985,000 acquisition loan for the borrower to purchase a 39-acre site located at 37 Alberge Lane, formerly Whispering Woods. The property has been rebranded Hopkins Point, is 98% occupied and contains 524 market-rate townhomes featuring one, two and three-bedroom units.
Additionally, Domenico arranged a $25,106,000 acquisition loan for the borrower to purchase Oak Grove Apartments & Townhomes located at 303 Holly Drive. The 17-acre property is 94% occupied and is comprised of 22 market-rate apartment buildings with 259 units, plus 88 townhomes.
Arbor Commercial Mortgage provided financing for both acquisition loans through Fannie Mae’s SARMS product.
“We’ve been tracking the Maryland market for some time and felt Hopkins Point Townhomes and Oak Grove Apartments presented the perfect opportunity to enter the region with some scale,” stated Andy Wallace, OneWall Partners’ chief executive officer and principal in a prepared statement.
Both properties sit minutes from Interstates 95, 695 and U.S. Route 40, and 3 miles from 555,000 square feet of retail space, facilitating convenient commutes and shopping.
The Middle River Baltimore Crossroads section of Baltimore includes the communities of Middle River, White Marsh Estates, and Chase. Surrounded by rivers and creeks, this area extends from Middle River to Bird River and includes the Dundee Natural Environment Area and Hammerman Area Beach. The area is ideal for commuters, as the train ride to Pennsylvania Station takes less than 15 minutes.