Hypo Real Estate Capital Corporation ("HRECC"), the New York-based subsidiary of Hypo Real Estate Bank International and one of the leading financial institutions in the United States commercial real estate industry closed a €117.98 mln ($147.9 mln) five-year, floating-rate loan for the acquisition of two apartment portfolios, representing a total of 2,170 units in six garden-style properties in Maryland. The transactions closed on May 17 and June 23, 2006.
The purchaser was The Bozzuto Group of companies. Over the past five years, The Bozzuto Group has acquired a total of 5,638 units in the mid- Atlantic region. All of the properties are located within Prince George's County, MD. They include two properties encompassing a total of 759 units in Suitland, MD (Shadyside Gardens and Forest Village); two in Temple Hills, MD encompassing a total of 429 units (Marlow Heights and Marlow Plaza); and two properties representing a total of 982 units in Laurel, MD (Laurel Square and Towne Center). "We are very pleased to be starting a new relationship with The Bozzuto Group of companies. It is indicative of our desire to continue to provide financing to high quality sponsors of their caliber that have consistently proven their ability to successfully execute their business strategies," commented Evan Denner, Deputy CEO of Hypo Real Estate Capital Corporation.
Source: Hypo Real Estate