Berkadia Originates $12M Loan for Flex Property in Maryland

FREDERICK, MD. — Berkadia recently arranged a $12 million loan for Highland Technology Center, an office and industrial property located in Frederick, Md. Ben Van Horn of Berkadia’s Scottsdale, Ariz. office secured the fixed-rate financing through Bank of America Merrill Lynch. The borrower, Envision Highland LLC, will use the financing to acquire the property for $16 million. Loan terms include a 4.9 percent interest rate, a 75 percent loan-to-value ratio and a 30-year amortization schedule. David Monassebian, Martinn Winters and Luke Reetz represented Envision Highland in the transaction. Highland Technology Center consists of 150,700 square feet of office and industrial warehouse space. Tenants include Fairchild Controls and Engage. The property is over 98 percent occupied. Located at 550 Highland St., the property offers access to I-70 and I-270. It is also located near the Frederick Municipal Airport and Frederick Fairgrounds.