News
BALTIMORE TRUMPS DC
August 9, 2012
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| Kushner and Rockpoint Group are buying 5,517 apartments across 10 Maryland communities. The biggest property is the 1,212-unit Commons at White Marsh, and the rest of the portfolio is also in the Baltimore area. The $500M deal (25% Kushner, 75% Rockpoint) got a boost from a $371M Freddie Mac loan secured by Beech Street Capital. That beats the pants off the $329M Freddie put into Pantzer Properties' and Dune Real Estate Partners' refi of their 2,580-unit DC metro portfolio last fall. (They're prepping for the whooping the Ravens are gonna put on the 'Skins on Dec. 9.) The Pantzer/Dune JV had purchased those eight properties in May 2011 for $460M, and at the time, it was the largest multifamily deal outside NY since '08. |
