LAUREL, MD — Newmark Knight Frank’s (NKF) Multifamily Capital Markets team recently closed a $61.8 million Freddie Mac loan for a repeat NKF/Freddie Mac Sponsor, for the acquisition of Concord Park at Russett, a 335-unit, mid-rise, elevator multifamily community located in Laurel, MD. Executive Managing Directors Kevin Mignogna and Charlie Haggard provided the 10-year, full-term interest only debt at 70% LTV through Freddie Mac’s Green Advantage program.
Built in 2005, Concord Park at Russett consists of four and five story buildings, with a mix of one-, two- and three-bedroom homes. The property has undergone renovations to approximately 50 percent of the units, including stainless steel appliances, track lighting, hardwood floors and more. The pet-friendly community includes a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio, plus a game room and media room. The property is located mid-way between Washington, DC and Baltimore, MD with easy access to 295, I-95, Greenbelt and College Park.
“This was a great team effort between NKF and Freddie Mac, one that ultimately delivered even better than anticipated results for our client, both in terms of overall proceeds and rate,” said Haggard. “Closing the transaction under the Freddie Mac Green Advantage Program allowed us to achieve favorable terms and helped Freddie Mac pursue its mission to provide more sustainable housing. We are happy to see our client purchase a quality property and we look forward to working together in the near future.”