Colliers, a leading diversified professional services and investment management company, announces it has successfully arranged $24.5 million in refinancing for Milford Station, a 199-unit multifamily complex in Pikesville, MD. The Colliers Capital Market debt and equity team, led by Bob Beckman, Senior Director of Finance, facilitated the deal on behalf of Gelfund RE Opportunities and GY Properties, a valued client with a history of successful real estate investments.
19 Warren Park Drive is situated in the heart of the Pikesville neighborhood, offering quick access to local amenities, the Baltimore Beltway, and the Milford Mill Metro station for a seamless commute into the city. Adjacent to Pikesville’s historic Ralston neighborhood, Milford Station offers residents a serene and private community setting, as well as a range of desirable amenities, including spacious floor-to-ceiling closets, central heating and air conditioning, free parking, and controlled-access buildings.
The non-recourse loan was secured with a 30-year term and a fixed interest rate of 5.12%. The Colliers Philadelphia team has successfully navigated a complex capital markets landscape and challenging macroeconomic conditions, executing this and other significant deals in recent months.
Gelfund RE Opportunities is a real estate investment fund led by two generations of the Gelfand family with over 60 years of combined experience in the Northeastern US. Known for its focus on existing multifamily assets with heavy value-add potential, Gelfund RE manages approximately 3,000 residential units.
“We’ve been patiently waiting for the right market conditions to refinance Milford Station, and working closely with Bob Beckman and the team at Colliers has been a key factor in making this happen,” said Yonatan Gelfand, CEO of Gelfund RE Opportunities. “Their expertise and commitment allowed us to execute this deal at the optimal time, aligning perfectly with our long-term strategy of enhancing property value.”
