Chillum Heights Elderly Housing has received $10 million in refinancing for its age-restricted affordable multifamily property Rollingcrest Commons in Hyattsville, MD. The 10-year, non-recourse Fannie Mae loan was provided by a DUS lender and features a 3.83 percent interest rate on a 35-year amortization schedule. This transaction was negotiated by Greysteel Director, Mark Bittenbender, and Senior Finance Associate, Brittany Wismer, who are both based in the Company’s Washington, D.C. office. The 140 unit Rollingcrest Commons is located at 6060 Sargent Road and features a fitness center, business center, clubhouse, on-site laundry facilities, and secured building entry.
“There were a number of moving parts in this financing,” said Matt Bittenbender. “As a result, Greysteel highlighted the exceptional track record of the borrower and leveraged our strong relationship with the lender to execute competitive financing in line with the borrower’s business plan.”
