PNC Originates $241.5 million Freddie Mac Loan
PNC has originated a $241.5 million Freddie Mac loan as part of the recapitalization of Empirian Village, a 2,877-unit garden style apartment community in Greenbelt, MD. The seven-year mortgage, with a 4.2% coupon, is one of the largest Freddie loans in the last few years.
The sprawling complex broke ground in 1968 on 155 acres and features one and two bedroom apartments, two swimming pools, tennis courts and a clubhouse.
Under the recapitalization, Fieldstone Properties teamed up with Wrightwood Capital to buy a majority stake in the property from Empire Assets.
The new ownership group plans to spend $15 million to renovate the complex, which will be rebranded as Franklin Park at Greenbelt Station. It is being marketed as offering an amenity-rich lifestyle with in a convenient location.