Metropolitan Properties Gets $81.4M MF1 Bridge Loan

Metropolitan Properties has secured $81.4 million in bridge debt to acquire and refinance a two-property multifamily portfolio in the Baltimore suburbs. MF1 Capital originated the loan for Volterra Apartments in Pikesville, Md., and Owings Park Apartments in Owings Mills, Md.

The financing was structured as a single cross-collateralized deal to refinance prior debt on Volterra, which Metropolitan has owned since 2018, and to fund the acquisition of Owings Park plus upgrades at both properties. Arrow Real Estate Advisors negotiated the financing.

The two communities are each about 20 miles northwest of Downtown Baltimore.