MetroPlace
$53,596,000
Camp Springs, MD - Fantini & Gorga arranged a $53,596,000 refinance of MetroPlace at Town Center, a 397-unit multifamily property in Camp Springs, MD, a suburb of Washington, DC. The proceeds include a $46,846,000 first mortgage and a $6,750,000 mezzanine loan. The transaction involved a standard, 10-year permanent loan that was locked at an extremely attractive rate, along with a fixed rate mezzanine slice, part of which can accrue. The mezzanine provided full proceeds without the requirement of any participation in cash flow. The blended, all-in interest rate came in under 6.0%. MetroPlace at Town Center is located in a planned urban development, directly across from a rapid transit station, which brings commuters to downtown Washington, DC in 20 minutes. Property amenities include garage parking, a clubhouse/fitness center/community room, swimming pool and basketball and tennis courts.