PCCP, LLC PROVIDES A $48.6 MILLION SENIOR LOAN TO DRAGONE REALTY INVESTMENTS FOR THE ACQUISTION AND RENOVATION OF A 404-UNIT MULTIFAMILY COMMUNITY IN FORESTVILLE, MD
New York, NY, April 11, 2019 – PCCP, LLC announced today it has provided a $48.6 million senior loan to Dragone Realty Investments for the acquisition and renovation of Pennbrooke Station Apartments in Forestville, MD. Built in 1963, the 404-unit property is located at 5016-5090 Silver Hill Court, and is within Prince George’s County. Jonathan Pratt of Berkadia’s Washington D.C. office secured the loan on behalf of the sponsor.
“PCCP has previously partnered with Vito Dragone at Dragone Realty Investments on two Prince George’s County multifamily projects,” said Ryan Dodge, vice president with PCCP. “We see this as a favorable opportunity to lend to a highly experienced, local owner on a well-maintained apartment complex.”
The renovation plan is to complete major improvements of the unit interiors as well as execute a targeted exterior renovation adding amenities such as a new grill area, fitness center, and leasing office as well as a pool house renovation. Dragone also plans to add a secure gate at the entrance of the property, and key-fobs will be required for building and amenity access.
The property consists of 11, three-story garden-style buildings situated on 17.9 acres. The unit mix includes 95 one-bedroom units, 285 two-bedroom units, and 24 three-bedroom units with every floorplan offering open layouts, and large windows, balconies and walk-in closets. On-site amenities include two playgrounds, a pool house, pool and eight laundry facilities. The property is located just off the major intersection of Silver Hill Road and Pennsylvania Avenue on the border of Washington, D.C. The location offers excellent transportation, proximity to employment, a strong and growing Federal presence and affordable multifamily options for residents. This transit-oriented location provides access to area employment centers including Downtown D.C. / Capitol Hill which is less than six miles away, St. Elizabeth’s Campus, National Harbor, Tanger Outlets and MGM’s new casino development, as well as several government centers including Suitland Federal Center.
Dragone Realty Investments is a Bethesda, MD-based real estate platform that specializes in the acquisition, rehabilitation and management of multifamily communities in the Washington, D.C. metropolitan area, with a focus / expertise in Prince George’s County. Dragone has partnered with numerous institutional investors and has renovated over 4,000 units in the area, with a currently owned portfolio of approximately 3,500 units in Prince George’s County.