Progress Capital arranges $76 million acquisition financing for Baltimore multifamily communities

Middle River, MD In two separate transactions, Brad Domenico, partner at Progress Capital secured acquisition financing totaling $76 million for OneWall Partners to acquire two suburban multifamily communities totaling 783 units, plus 88 townhomes.  Both properties are located in southeast Baltimore County, 10 miles from downtown Baltimore.

Domenico secured a $50.985 million acquisition loan for the borrower to purchase a 39-acre site located at 37 Alberge Ln., formerly Whispering Woods. The property has been rebranded Hopkins Point, is 98% occupied and contains 524 market-rate townhomes featuring one, two and three-bedroom units.

Additionally, Domenico arranged a $25.106 million acquisition loan for the borrower to purchase Oak Grove Apartments & Townhomes located at 303 Holly Dr. The 17-acre property is 94% occupied and is comprised of 22 market-rate apartment buildings with 259 units, plus 88 townhomes.

Arbor Commercial Mortgage provided financing for both acquisition loans 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, OneWall Partners’ CEO and principal.

Both Hopkins Point and Oak Grove are near I-95, I-695 and US Rte. 40, and three miles from 555,000 s/f of retail space.

These landscaped communities have a country-like setting and provide residents with amenities including on-site laundry facilities, playground, pet-friendly atmosphere and close proximity to public parks. 

“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,” said Domenico.