Updated Dec 4, 2024
PGIM Real Estate Provides $188M Loan For Tower Companies' Multifamily Portfolio In Silver Spring
1401 Blair Mill Road
$188,000,000
Units
1,396
Asset Type
MultiFamily
Closing
Nov 13, 2023
About this deal
AI
The Blairs, a five-property multifamily portfolio located at 1401 Blair Mill Road in downtown Silver Spring, Maryland, has secured $188 million in fixed-rate financing from PGIM Real Estate, according to the loan transaction dated November 13, 2023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $188,000,000
- Units: 1,396
- Market: Silver Spring, MD
Trevor Arnholt of PGIM Real Estate represented the lender in this transaction, providing the significant loan to Tower Companies, represented by Brian Abramson, the landlord of The Blairs. Tower Companies owns the five-property multifamily portfolio in downtown Silver Spring.
It is noteworthy that PGIM Real Estate, a leading real estate investment management firm, has provided The Blairs with $188 million in fixed-rate financing for their multifamily portfolio in downtown Silver Spring, Maryland.
Players
Silver Spring MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93