Newmark Arranges $68M Refinancing for Maryland MF Community
Newmark has arranged a $67.5 million loan on behalf of Sentinel Real Estate Corporation to refinance Rockwell at Crown, a recently developed 335-unit multifamily community in Gaithersburg, Maryland.
Newmark Multifamily Capital Markets Executive Managing Director Jim Badolato, Managing Director Rob Cantazano, Vice Presidents Greg Primiano and Deric Obeldobel and Elias Sulpizio, represented the sponsor and secured the financing through Fannie Mae.
“With interest rates beginning to ease and sentiment pointing toward further stability—we are seeing renewed momentum in the market,” said Badolato. “This transaction highlights the increase in both pent-up and discretionary refinancings, signaling a broader unlocking of capital markets activity.”
Completed in 2022, Rockwell at Crown offers a mix of one-, two- and three-bedroom units, with select layouts featuring dens and built-in desks for remote work. Located just outside Washington, D.C., Rockwell at Crown benefits from direct access to I-270, US-28 and the Shady Grove Metro Station.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout