WASHINGTON, DC - JLL Capital Markets announced today that it has arranged the $19.45 million in acquisition financing for River Bay Townhomes, a 173-unit, value-add multi-housing community in Lexington Park, Maryland.
JLL represented the borrower, Linden Property Group, to secure a floating-rate bridge loan through Sound Point Capital Management.
Developed using Low Income Housing Tax Credits (“LIHTC”) in 2004 and 2005, River Bay Townhomes consists of all three-bedroom, two-bath units with attached garages and an average square footage of 1,291, making them some of the largest units in the submarket. Of the 173 units, 155 units are set aside for tenants who make no more than 60 percent of Area Median Income (AMI).
Situated at 48100 Baywoods Dr., the property is located within St. Mary’s County in southern Maryland at the confluence of the Chesapeake Bay, the Potomac River and the Patuxent River. The area includes an advent of the military bases, an extensive defense contractor presence, the St. Mary’s College of Maryland and the University of Southern Maryland.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Jamie Leachman, Director Amit Kakar and Analyst Carter Wroblewski.
“There remains a tremendous amount of liquidity for product with a focus on ESG and affordable housing initiatives,” said Leachman. “Congrats to the Linden team for upholding these standards and its continued expansion into Southern Maryland.”