Rosemont Towson
A joint venture of affiliates of Hirschfeld Properties LLC and PCCP, LLC has acquired Rosemont Towson, an 828 unit multifamily community located in Towson, Maryland, 14 miles from downtown Baltimore, announces Jeffrey Hirschfeld, Chairman and CEO of Hirschfeld.
The community consists of a 16 story mid-rise tower surrounded by 36 three-story garden buildings. The buyers plan an extensive renovation, rebranding and re-positioning of the property, which will include Hirschfeld’s unique One Day Renovation program for all apartment units, as well as extensive upgrades of common areas and amenities, and the addition of new, state-of-the-art amenities.
Hirschfeld Management, Inc., Hirschfeld’s affiliated management company, has assumed stewardship of the property and will lead the planned renovations, together with Hirschfeld Building Construction Company, Inc., Hirschfeld’s affiliated construction company.
New amenities at the property will include a completely new fitness center, on-demand yoga studio, kids’ club/playroom, pet spa, dog park and playground. Also planned are a poolside beach bar, outdoor lounge and grilling area, new leasing center, and enhancements throughout the pool area, including the addition of a kids’ splash pad.
TH Real Estate, an affiliate of TIAA, provided debt financing in the amount of $110 million, which was arranged jointly by the New York City and Washington D.C. offices of CBRE Capital Markets. CBRE Capital Markets Institutional Investment Group of Baltimore, led by Bill Roohan and Brian Margerum, represented the seller in the transaction.
Hirschfeld Properties LLC is a fully diversified real estate developer engaged in the acquisition, development, leasing, management, and ownership of multifamily residential communities throughout the United States. The company currently owns and manages 3000 multifamily units from Connecticut to Maryland.
Hirschfeld is currently expanding its value-add program for the acquisition and re- development of multifamily rental apartment communities in the Eastern United States. Current target markets include Maryland, Washington, D.C., Virginia, Pennsylvania, New York, New Jersey, Connecticut, Massachusetts, Tennessee (Nashville), North Carolina, South Carolina, and Florida. Investments are also targeted in other select high growth markets such as Denver, Dallas, Austin and Atlanta.
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a 20-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk- adjusted returns. Since its inception in 1998, PCCP has successfully committed over $16 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.
For additional information please visit www.hirschfeldproperties.com www.pccpllc.com and www.threalestate.com.
