News
PARKVILLE APT REFI
November 8, 2012
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| Beech Street Capital provided Multi-Properties a $38.2M, 10-year Fannie Mae conventional loan, via the agency's Early Rate Lock program, to refi its Ridge Gardens apartments in Parkville. The borrower has owned the 603-unit, Class-B property since the '70s and plans improvements next year. |
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| Beech Street's Lisa Dailey tells us apartments in Parkville/Carney/ White Marsh are less than 5% vacant (and Ridge Gardens itself is 95% occupied). The submarket has 15,671 multifamily units and no new inventory projected for five years, so rents are likely to stay stable or increase. |
