Greysteel, a national commercial real estate investment services firm, has arranged $6.9 million in financing for the off-market purchase and renovation of Landon Court Apartments, a multifamily property in Hyattsville, MD, on behalf of Landon Court, LLC.

The 10-year, non-recourse loan, provided by a balance sheet lender, features a competitive fixed-rate and interest-only payments for the first two years followed by a 30-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.

Landon Court Apartments, built in 1965, is an 11-building, 116-unit multifamily property located at 3601 – 3623 Gallatin Street. The sponsor plans to renovate apartment interiors, create storage units and parking spaces, and lease rooftop space for satellite telecommunication providers.

“This acquisition represents an attractive value-add investment opportunity for our clients,” said Mr. Bittenbender. “We were able to leverage the borrower’s exceptional track record in the submarket to achieve financing that has the flexibility to fund current capital improvements while also locking in a historically low long-term fixed-rate,” he added.

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; Fort Worth, TX; and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.www.greysteel.com