CBRE has secured an $82.5 million Fannie Mae loan on Centennial Holding Company’s acquisition of Camden Summerfield, a 478-unit Class A apartment community in Landover, Maryland, Real Estate Capital has learned.
The 10-year floating-rate loan is collateralized by two four-story apartment buildings and a two-story clubhouse on 12.76 acres at 8100 Gibbs Way. The property was developed in two phases in 2008 and 2012 by Camden Builders, a wholly-owned subsidiary of Camden Property Trust.
Steve Heffner, Nate Sittema and Kristen Reilley of CBRE Capital Markets’ Debt & Structured Finance team, and who are based in the firm’s Charlotte office, arranged the financing on behalf of the borrower.
Atlanta-based Centennial is focused on garden and mid-rise communities with more than 125 units, located in growth areas near employment, entertainment and recreation destinations, with a typical four- to seven-year hold period, according to the firm’s website.
The Landover submarket has an average vacancy of 4 percent and an average monthly rent of $1,339 per unit, which is a 3.1 percent average increase over the prior year, according to statistics from CBRE.
Camden Summerfield is 10 miles east of the Washington, DC, central business district and less than one mile from I‐495, the most traveled highway in the area. The community is adjacent to the Morgan Boulevard Metro Station. The property is also less than half a mile from FedEx Field, the 79,000-seat home of the Washington Redskins football team.