Aztec Group Arranges $20.2M Loan for Apartment Community in Maryland

GREAT MILLS, MD. — Aztec Group Inc. has secured a $20.2 million loan for Hickory Hills East Apartments, a 231-unit apartment community located at 22501 Iverson Drive in Great Mills. Charles Penan and Howard Taft of Aztec Group arranged the 10-year loan through Rialto Mortgage Finance, a New York-based conduit lender, on behalf of the borrower, a joint venture between affiliates of BAF Associates and the Raleigh Cos. The loan was structured with five years of interest-only payments, a 30-year amortization schedule, 75 percent loan-to-value ratio and a fixed interest rate below 4.6 percent.