RIPCO Real Estate has successfully obtained a $25.4 million bridge loan on behalf of Cape Advisors, Inc., a New York-based development company. The loan will be used to acquire and revamp a 135-unit multifamily property in College Park, near the University of Maryland. Adam Hakim, Executive Managing Director, and James Murad, Managing Director from RIPCO’s Capital Advisory team were responsible for securing the loan.
Cape Advisors’ plan for the property includes transforming it into a high-quality multifamily project with modern finishes and upgraded amenities. The building is located at 4800 Berwyn House Road.
The bridge loan was provided by RMWC, one of the nation’s leading commercial real estate lenders. It will support Cape Advisors’ renovation plans which include completely overhauling each individual unit and introducing both one- and two-bedroom options with upscale furnishings in half of them.
Overall this redevelopment project is expected to greatly enhance the value of this student housing building while providing top-of-the-line living spaces for its residents.
