GE inks $67m deal with Greenwich fund.

GE Real Estate announced it provided a $67.65 million floating rate mortgage loan to Rockwood Capital, an opportunity fund based in Greenwich, CT, and Ross Development & Investment (RDI), a real estate asset management company that has been active in the Washington, D.C. area for more than 20 years.

The Rockwood Capital/RDI joint venture will use the funding to acquire and renovate Cypress Creek, a Class B, 760-unit apartment complex in Hyattsville, MD.

The deal was the fourth between GE Real Estate and Rockwood/RDI in the last 15 months.

"GE has become a valued partner whom we trust to provide financing best-suited to our needs," said Scott Ross, the principal officer of RDI. "This new loan, for example, features a commitment by GE to fund future renovations."

"The Rockwood/RDI team has a proven record of value creation throughout the Washington D.C. metro area, and we are excited to continue helping them successfully execute their business plan," said Skip Wells, the Managing Director of GE Real Estate's Strategic Capital Group, which primarily works with opportunity funds, REITs and other institutional borrowers. "The loan structure provides an opportunity for the borrower to efficiently execute its business plan and maximize value.

Added Avi Jagwani, Director, at GE Real Estate, "This is the fourth loan we have made to the Rockwood/Ross joint venture. To date, the venture has been very successful implementing their value creation plan in the DC market. We have confidence that this deal will follow suit."