Dealmaker: JLL Closes Two Deals Totaling $318M in Maryland
JLL, Chicago, represented Harbor Group International, Norfolk, Va., in two Maryland transactions totaling $317.7 million.
In Baltimore County, Md., JLL represented Harbor Group International when it sold six value-add apartment communities to Morgan Properties, King of Prussia, Pa., for $247 million. The portfolio includes Crosswinds at Rolling Road, Diamond Ridge, The Glens at Rolling Road, Granite Run, Rolling Wind and Stratton Meadows, all in suburban Baltimore’s Milford Mill submarket.
JLL also secured $207.5 million for Morgan Properties through its relationship with Freddie Mac as an approved conventional lender.
Managing Director Christine Espenshade and Executive Vice President Robert Garrish led the JLL sales team while Executive Vice President Shawn McDonald and Vice President Anthony Hebenstreit arranged the financing.
“This was a rare chance for an investor to buy highly sought-after multifamily units as part of a large portfolio,” Espenshade said. “With no new apartment communities planned for the area and significant growth in the employment base, Morgan Properties could create a lot of value through a capital improvements program.”
In a separate transaction JLL secured $70.75 million for Harbor Group International to acquire The Mark at Brickyard, a 433-unit Class A multifamily and retail building in Beltsville, Md. McDonald secured the seven-year floating-rate loan from Freddie Mac.
“This was an excellent lending opportunity as the affordability and transportation options of the Washington, D.C. suburbs continue to make it a place people want to live,” McDonald said. “We anticipate lenders to continue to provide loans for deals with strong sponsors and high-quality assets.”
Located along Route 1 and next to Interstate 95, The Mark at Brickyard provides several commuting options to Washington, D.C., Baltimore and Fort Meade. The building is just blocks from the Muirkirk MARC rail station, which serves the MARC Train’s Camden line.
