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We are pleased to announce the successful sale of The Falls at Roland Park, a 235-unit multifamily community located in the established Roland Park submarket of Baltimore, Maryland. You can read the official press release here.
We purchased the property in July 2016 and implemented a large-scale rebranding (formerly known as “Belvedere Towers”) and meaningful improvement to the community over several years, according to Jonathan Ehrenfeld, President/CEO.
“When we acquired this property four years ago, we recognized a great opportunity in a supply-constrained market, to drive significant value through thoughtful branding and upgrades as well as improving operational efficiencies through our integrated platform,” explains Ehrenfeld.
Ehrenfeld continued, “Our team works tirelessly to identify unique and high-quality assets that are exceptionally-located. The Falls at Roland Park hit on all of our requirements. We’re thrilled to have had the opportunity to place our ‘stamp’ on a landmark property, providing impact and benefit to the overall Roland Park neighborhood.
Project financing for the project was provided by Alan Isenstadt, Senior Vice President and head of the NYC and Philadelphia offices for Key Bank Real Estate Capital.
“We are very pleased to have provided the bridge loan financing for Blue Ocean and the subsequent Freddie Mac financing for the buyer. The Blue Ocean team had the vision and expertise for repositioning this property into a modern upscale community that saw enhancements to amenities and interior units. We are thrilled at the level of success that Blue Ocean had in implementing their business plan and enhancing the experience for the community’s residents” said Isenstadt.
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