HKS Precise Property Advisors has secured a $27.5-million loan to refinance the Enclave, a seven-sage, ninety four-unit student housing property in College Park, MD.
Located at 8700 Baltimore Ave., the 175,000-square-foot property serves students that attend the University of Maryland. The property points a deepest courtyard, a fitness and sport heart and retail retailers/ingesting locations on the flooring flooring, with three levels of indoor parking on the merit facet of the building.
John Harrington of HKS secured the non-recourse loan on behalf of the borrower, developer Mukesh Majmudar, founding father of the keeping company Critical person Global Ventures. The lender used to be Bethpage Federal Credit Union.
Terms of the loan incorporated a mounted Four.5% p.c ardour rate for 10 years..