Charlotte – July 21, 2016 – CBRE Capital Markets’ Debt & Structured Finance team has secured an $82.5 million loan for the acquisition of Camden Summerfield, a 478-unit Class A apartment community in Landover, Maryland.
CBRE secured the 10-year floating-rate loan on behalf of Centennial Holding Company, LLC, an Atlanta-based real estate firm. Steve Heffner, Nate Sittema and Kristen Reilley of CBRE’s Charlotte office arranged the financing on behalf of the borrower. Financing was provided by Fannie Mae.
Developed in two phases in 2008 and 2012 by Camden Builders, Inc., a wholly-owned subsidiary of Camden Property Trust, Camden Summerfield consists of two four-story apartment buildings and a two-story clubhouse on 12.76 acres.
Located at 8100 Gibbs Way, Camden Summerfield is 10 miles east of the Washington, D.C. central business district and less than one mile from I‐495, the most heavily traveled highway in the area. The community is positioned directly adjacent to the Morgan Boulevard Metro Station, which is served by the Silver and Blue lines, and provides direct access to employment centers throughout the Washington, D.C. metro area. The property is also less than half a mile from FedEx Field, the 79,000-seat home of the Washington Redskins football team and concert venue.
The Landover submarket of Washington D.C. has an average vacancy of 4% and an average monthly rent of $1,339 per unit, which is a 3.1% average increase over the prior year.
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