Stamford, CT-based OneWall Partners secured $76 million in acquisition financing for its purchase of two suburban multifamily communities.
Brad Domenico, Partner at Progress Capital arranged the loans from Arbor Commercial Mortgage through Fannie Mae’s SARMS product.
OneWall Partners secured a $50,985,000 acquisition loan to purchase a 39-acre site located at 37 Alberge Lane, formerly Whispering Woods (pictured top). The property has been rebranded Hopkins Point, is 98 percent occupied and contains 524 market-rate townhomes featuring one, two and three-bedroom units.
Domenico also arranged a $25,106,000 acquisition loan for the purchase Oak Grove Apartments & Townhomes located at 303 Holly Drive. The 17-acre property is 94 percent occupied and is comprised of 22 market-rate apartment buildings with 259 units, plus 88 townhomes.
“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, OneWall Partners’ CEO and principal.
Both Hopkins Point and Oak Grove are located in Middle River, MD in southeast Baltimore County, 10 miles from downtown Baltimore. The properties sit minutes from I-95, I-695 and US Route 40, and three miles from 555,000 square feet of retail space, facilitating convenient commutes and shopping.
“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,” added Domenico.