The Evergreens at Columbia Town Center
Columbia, Maryland

Client
RMJ Development Group

Description
Developed in 2005, 156-unit luxury apartment complex for active adults 55 and better in the planned community of Columbia, Maryland, named in Money magazine as one of “America’s Best Places to Live.”

Structuring
Goals were to eliminate potential interest rate risk by waiting to loan maturity, reduce prepayment penalty, and lock-in a long-term loan given historically low interest rate environment. $26,500,000 permanent financing provided by PGIM Real Estate Finance.