Catonsville’s Melvin Park apartments receive $32 million refinance – Trade Observer


Park owner Melvin LP received $32 million in recapitalization for the Melvin Park Apartmentsa 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 the Freddie index lock to act quickly, locking in the Treasury before rates start to rise [made this a savvy financing opportunity]”, matt robbin, chief executive of Berkadia, 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 close to everything the city has to offer.”

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 wood floors, and new granite-style countertops. Facilities include a covered picnic and barbecue area, two playgrounds, a dog park and outdoor storage space.

No details were released as to whether the owner will use part 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 [email protected]

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