Washington, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it secured a fixed-rate loan for the Pines of York, a 248-unit, garden-style apartment community located in historic Yorktown, VA. The permanent loan was provided by Freddie Mac’s multifamily lending program. Philip Mudd, Christian Miles and Brad Geiger arranged the financing on behalf of Drucker & Falk LLC and Paladin Realty Income Properties, Inc.
“We marshaled lender interest from a wide group of lenders, but Freddie was the most impressive in its pricing and terms,” commented Brad Geiger, Associate Vice President with Cassidy Turley. “Drucker & Falk’s experience and track record is impressive to lenders,” added Phil Mudd, Senior Managing Director with Cassidy Turley.
The Pines of York apartments consist of one, two and three bedroom units with wall-to-wall carpeting, fully-equipped kitchens and oversized closets. Community amenities include a swimming pool, basketball and tennis courts, ample parking and a picnic area. The property is located near public schools, shopping, dining and is proximate to Langley Air Force Base, NASA, Newport News Shipyard and Interstate 64.
Cassidy Turley also represented the seller of Pines of York apartments, York Associates LP, in the sale of the building to Drucker & Falk. “Both the seller and buyer benefited from Cassidy Turley’s ability to bring our full range of capital markets services to this transaction,” commented Christian Miles, Senior Managing Director, Principal with Cassidy Turley.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,400 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.