M&T Realty provides $26m in acquisition financing
Laurel, MD — M&T Realty Capital Corporation has closed a $25.956 million Freddie Mac loan for the acquisition of Horizon Square Apartments, a 254-unit apartment complex located in Laurel. Horizon Square consists of 1-, 2- and 3-bedroom apartment homes, with 1-bedroom homes accounting for 53 percent of the total. Community amenities include a fitness room, clubroom, swimming pool and playground.
The transaction was led by managing director Tim Weldon of M&T Realty Capital Corporation’s Washington, D.C. office for borrower ROSS Companies. ROSS, a leader in multifamily acquisitions, property management and renovation in the Mid-Atlantic region, plans to implement improvements to the community. The upgrades will include new carpet in the hallways, paint, an LED lighting retrofit, new glass storefronts at all entries and new windows. “With Baltimore 20 miles to the northeast and Washington, D.C., 20 miles to the southwest, the value of Horizon Square’s location speaks for itself,” said Scott Ross, president of ROSS Development & Investment, an affiliate of ROSS Companies. “We believe our upgrades will make Horizon Square a key location for those who commute to either city, as well as those who are rooted in the Laurel area. We’re excited to get started and to create sustainable value.”