Transaction Type: New Construction Multifamily
Project Cost: $95 million
LGA Capital was engaged to underwrite, structure and arrange financing on behalf of repeat clients and sponsors, Peter N.G. Schwartz and Hensel Phelps Development, for Ascend Apollo in Largo, Maryland.
The first building in the multi-phase development of Ascend Apollo, located on the Largo Town Center Metro Station, includes 426 market rate Class A residential units with ground floor retail and structured parking. Ascend Apollo is in the heart of a major transportation hub with excellent access to highway and public transportation (bus, trains and airports) to support existing and future economic growth and regional development. LGA structured the financing for this $95 million development, which included:
- $71 million in construction loan proceeds from Bank of America and US Bank
- $14.5 million in preferred equity from Canyon Capital Partners
The project was successfully closed in August of 2015 and construction is currently underway, on schedule, and, as of October 2016, is leasing/performing as underwritten.
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