Hopkins Point at 37 Alberge Lane in Middle River, Maryland — Courtesy: Progress Capital
By Joshua Burd
A locally based investor has secured $76 million in financing for two multifamily acquisitions outside Baltimore, in a transaction arranged by Progress Capital.
The advisory firm worked on behalf of the borrower, Newark-based OneWall Partners, in sourcing the loans for the properties in Middle River, Maryland. Located about 10 miles from downtown Baltimore, the assets include a 524-unit townhome complex at 37 Alberge Lane, known as Hopkins Point, along with the 347-unit Oak Grove Apartments & Townhomes property at 303 Holly Drive.
Progress Capital Partner Brad Domenico secured the debt, which comprises loans of about $51 million and $25.1 million, respectively. Arbor Commercial Mortgage provided financing for both through Fannie Mae’s SARMS product.
“We’ve been tracking the Maryland market for some time and felt Hopkins Point Townhomes and Oak Grove Apartments presented the perfect opportunity to enter the region with some scale,” said Andy Wallace, CEO and principal of OneWall Partners.
Progress Capital announced the deals Tuesday, noting that Hopkins Point is 98 percent occupied and contains one-, two- and three-bedroom townhomes. For its part, the 17-acre Oak Grove property is 94 occupied, comprising 22 market-rate apartment buildings with 259 units, plus 88 townhomes.
Both Hopkins Point and Oak Grove are located in in southeast Baltimore County, 10 miles from downtown Baltimore, and minutes from area highways and retail amenities.
“These are the most recent examples of OneWall’s continued efforts to expand their footprint across the Northeast and I’m glad that I was able to arrange the financing to make it happen for them,” Domenico said.