Cushman & Wakefield has secured a $57 million participating construction loan for the development of The Residences at Riverdale Park Station in Riverdale Park, Maryland. Philip Mudd and Bradley Geiger of Cushman & Wakefield arranged the financing on behalf of the developer, Calvin Cafritz Enterprises. Principal Real Estate Investors was the lender.
“The first two phases of Riverdale Park Station have experienced tremendous success since their development, and this new phase will bring much needed apartments to area,” Mudd said. “In addition to new parks, convenient bike trails and serene hiking trails, strategic retail throughout Riverdale Park Station will provide a sense of place for the Riverdale Park Station residents to gather and create a neighborhood atmosphere for the community.”
The Residences at Riverdale Park Station, located at 4650 Van Buren Street, will be a five-story mixed-use development featuring 229 living units, approximately 8,000 square feet of amenity space, 10,000 square feet of retail space and 750 structured parking spaces. Completion is slated for the second quarter of 2020.
Riverdale Park Station is a 36-acre master-planned community which will contain 119 townhouses, 850 apartment units, 160,000 square feet of retail space, 20,000 square feet of office space and a 120-key hotel at full build out.