GMACCM arranges $107 million financing.

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 assets after acquiring the properties in 2003. In the original transaction, GMACCM provided $40 million in preferred equity in addition to joint-venture equity financing. GMAC Institutional Advisors, Horsham, Pennsylvania, advised GMACCM's affiliate on the equity investment.

The other properties in the portfolio include Crestleigh Apartments, Sutton Walk and Lenox Court, all located in Maryland. Crestleigh Apartments in Laurel, Maryland, consists of 11 garden-style apartment buildings with 389 units. Sutton Walk and Lenox Court are located adjacent to one another in New Carrollton, Maryland, and are managed together. Sutton Walk's six garden-style apartment buildings sit on 7.618 acres, and have 184 units. Lenox Court's two four-story, garden-style apartment buildings sit on 3.98 acres and contain 89 units.