| Timonium's 554-unit Padonia Village Apartments has landed a $41.5M refi from Beech Street Capital. Meridian Capital's Jacob Katz originated the 15-year, fixed-rate loan and tells us most of the firms' deals are $5M to $30M, but it's comfortable in the $40M range considering a lot of their business is in NY and California. This deal is reminiscent of DC metro-area deals of a year ago; Jacob says Fannie Mae has always been aggressive in the Mid-Atlantic, and Baltimore is a market where it's eager to expand. The garden-style community of market-rate apartments is 44 years old and 95% occupied. Jacob says it's been stable since it was acquired six years ago by a "long-term and prominent Baltimore family." |
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