Transaction Type: New Construction Multifamily
Project Cost: $93 million
LGA Capital was engaged to underwrite, structure and arrange the debt and equity financing on behalf of sponsors, Peter N.G. Schwartz and Hensel Phelps Development, for the Aspire Apollo Residences at Town Center in Camp Springs, Maryland.
Located on the Branch Avenue Green Line Metro Station and adjacent to Joint Base Andrews, Phase 1 of this multi-phase luxury apartment project brings 417 new units into a Transit Oriented Development Zone. Focusing on the key drivers of demand for Class A multifamily development, LGA Capital was able to structure financing for this $93 million development, which included:
- $69.2 million in construction loan proceeds from Bank of America
- $14.5 million in preferred equity from Canyon Capital Advisors
Aspire Apollo broke ground in November of 2013, is 90% leased and as of October 2016, is performing as underwritten.
LGA Capital is currently arranging the financing for Phase 2 of Aspire Apollo and expects to break ground Q1 2017.
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