Cullen O’Grady, Vice President of Pillar’s Bethesda office, originated the fixed rate, 10-year Freddie Mac loan with a 30- year amortization rate. The transaction closed on October 13, 2017.
The Winthrop is a stunning luxury Class A apartment community built in 2015 and leased up by 2016. The property contains 295 units and features the best-conceived, best-executed amenity package in the Baltimore metro market. The property was 95 percent leased at time of close. Pillar sourced the transaction through Scott Park, Managing Director at Columbia National Real Estate Finance, a key Pillar Correspondent based in Washington, DC and Baltimore, Maryland. The borrower is a private investment group, and the property will continue to be managed by the Bozzuto Group who also developed the property.
“The transaction provided the unique opportunity for the borrower to buy a best-in- class, stabilized asset in Towson,” said O’Grady. “The Winthrop’s prime location, its modern unit interiors and state-of-the-art community amenities make the property a best-in-market asset that commands top rental rates in one of the Baltimore metro area’s most desirable submarkets.”