Capital Markets Team Brokers Multi-million Dollar Loan from PGIM-Fannie Mae
WASHINGTON, DC, June 28, 2018 – Cushman & Wakefield announced today that it has secured a loan on behalf Kay Management, who requested funding for 13 properties, encompassing a total of 5,007 multi-family units. The properties make up approximately one-third of the company’s total portfolio and are located across multiple jurisdictions in both Maryland and Virginia.
Philip Mudd and Brad Geiger, Executive Managing Director and Senior Vice President at Cushman & Wakefield, respectively, represented the borrower in securing the Fannie May fixed-rate loan through PGIM real estate finances. The law firm Grossberg, Yochelson, Fox & Beyda represented Kay Management at the settlement. Cushman & Wakefield negotiated 13 separate loans, all with 15-year terms.
“The properties in this portfolio were all well located with some near the purple line,” said Mudd. “The portfolio was extremely well managed and the high occupancy made this project particularly secure for the lender.”
Kay Management’s portfolio consists of total portfolio consists of 35 apartment communities. Those include in the agreement include Londonderry Apartments, Seneca Club, Wayne Manchester, and White Oak Towers in Montgomery County, Md.; Deerfield Run, Gateway Square, Iverson Towers, Kenilworth Towers, Kirkwood Apartments, Lansdowne Village, and Top of the Hill in Prince George’s County, Md.; Harbour Gates in Anne Arundel County, Md.; and London Park Tower in Alexandria, Va. The apartment mix is comprised of mid-rise, high-rise, garden style, and town homes located in communities and neighborhoods with amenities and convenient transportation.
About Kay Management
Many apartment companies claim to be different, but Kay Management respects that tenants have done their research and come ready to make an informed decision. We manage more than 12,000 apartments in 35 communities, mostly in the Washington, DC suburbs. For more than 50 years, Kay Management been locally owned and works to ensure that tenants have rented the right home at a fair price in the best location for their needs.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.