RIPCO Secures $25M Bridge Loan for Maryland MF Redevelopment
RIPCO Real Estate has secured a $25.4 million bridge loan for New York-based developers Cape Advisors, Inc.
The loan will fund the acquisition and extensive repositioning of a 135-unit multifamily property located in College Park, near the University of Maryland. The loan was placed by Adam Hakim, Executive Managing Director, and James Murad, Managing Director, who lead RIPCO’s Capital Advisory team.
Cape Advisors plans to transform the existing student housing building into a high-quality multifamily project with modern finishes and enhanced amenities. The property is located at 4800 Berwyn House Road.
The bridge loan, provided by RMWC, a national commercial real estate lender, will support Cape Advisors’ plan to renovate the property, which will include a complete overhaul of individual units. The renovation will also introduce a mix of one- and two-bedroom units, with a focus on high-end furnishings for approximately half of the units.
