Connect Washington, DC

Berkadia has secured a $19.1 million forward commitment to provide tax-exempt permanent financing for Suitland Senior Apartments, a 137-unit senior independent living community to-be-built in Suitland, MD.

Suitland Senior Apartments will be built at the corner of Toles Park Drive and Towne Square Boulevard, as part of a mixed-use pedestrian and transit-oriented development adjacent to the Suitland Metro Station. Once complete, the property will feature a business center, clubhouse, fitness center, central laundry, a yoga room, rooftop terrace, game room and an on-site management office. Construction is slated to be completed by March 2022.

Matthew Napoleon of Berkadia’s Columbus, OH. office secured the loan on behalf of the borrower, Philadelphia-based Mission First Housing Group. The Freddie Mac 30-month forward commitment features an 18-year tax-exempt loan, with a fixed interest rate, a 90 percent loan-to-value ratio and a 40-year amortization schedule.

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