GMAC COMMERCIAL MORTGAGE (GMACCM), Horsham, Pennsylvania, arranged $107,122,000 in floating-rate refinancing for a four-property multifamily portfolio containing 1,070 units in Maryland and Virginia.
The financing allows for the sale of the units in one of the properties, The Brittany Apartments in Arlington, Virginia, as condominiums. The 12-story, 408-unit community offers garage parking, public transportation, fitness center, swimming pool, secured access with security cameras, tennis courts, business center, party/activity room and concierge desk.
"There is a great deal of excitement about selling the individual units of The Brittany Apartment Community as condominiums," said Marvin Hill, GMACCM vice president. The sale of the 408 individual units will take place in the spring of 2005.
The transaction was arranged through GE Capital, Stamford, Connecticut, for the borrower, RDI Apartment Acquisition LLC, a joint venture between principal ROSS Development & Investment, Bethesda, Maryland, and a GMACCM affiliate.
The joint venture began renovating and repositioning the...