Carter Multifamily Secures $318M Financing For DMV Apartment Portfolio

Carter Multifamily has secured $318.45 million in acquisition financing for a six-property multifamily portfolio concentrated in the Washington, D.C., area. 

The portfolio comprises 1,494 units, with five properties in Maryland and Washington, and a sixth in Alabama.

JLL arranged the floating-rate, non-recourse bridge financing through J.P. Morgan Chase Bank, and it will be securitized in a  Single Asset Single Borrower deal. 

“The borrower team at Carter Multifamily has a track record of adding value to multi-housing assets, and they were fantastic to work with on this acquisition, which will be a terrific addition to their portfolio,” Lee Weaver, JLL’s senior marketing director, said in a prepared statement. 

The multifamily portfolio includes the 326-unit Park at Kingsview Village, located at 13414 Daventry Way in Germantown, Md., which sold for $103 million.

The other properties are the 240-unit Stonecreek Club at 12840 Locbury Circle in Germantown, Md.; the 336-unit Hunt Club Apartments at 404 Christopher Avenue in Gaithersburg, Md.; plus the 180-unit Springwoods at Lake Ridge at 12395 Midsummer Lane and the 220-unit Windsor Park at 3937 Penshurst Lane, both in Woodbridge, Va. 

The sixth property in the portfolio is the 192-unit Oaks of St. Clair, 5050 Oaks of St. Clair Circle in Moody, Ala.

Joining Weaver from JLL in arranging the financing were senior managing director Melissa Marcolini Quinn, director Drew Jennewein, vice president Rob Rothaug and associates Emily Moallem and Cody Mizelle.

“This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” Quinn said in a prepared statement. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

Requests for comment from all parties in the deal were not immediately returned. 

Keith Loria can be reached at [email protected].

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