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.

RIPCO Real Estate has been appointed as the exclusive retail leasing broker for the Willets Point project in Queens, NY. The project, which includes affordable housing components, presents the opportunity for community and business development. RIPCO is responsible for leasing the ground-floor retail in the affordable housing and hotel components of Willets Point. 

“RIPCO’s journey began in Long Island and expanded through the boroughs into Manhattan, uniquely positioning us with distinctive insights to meet the specific demands of areas like Willets Point,” said Greg Batista, vice president at RIPCO. “Our comprehensive understanding of suburban and city retail landscapes will play a crucial role in revitalizing this area, ensuring it becomes a bustling hub for housing, retail, and recreation.” 

The Willets Point Transformation will introduce 2,500 new affordable housing units, NYC’s first soccer-specific stadium, a hotel, and various community-serving amenities.