L.J. Melody finances $64 million in acquisition funding.

L.J. MELODY & CO., HOUSTON, ARRANGED $64 million in acquisition financing on behalf of Rieder Communities LLC, New York, for the Avery Park apartment community in Silver Spring, Maryland. Avery Park contains 606 units in 53 buildings that underwent an extensive $13 million rehabilitation completed in 2004.

L.J. Melody's Washington, D.C., office arranged the transaction with Bank of America, Charlotte, North Carolina, working on behalf of Rieder Communities.

"We were able to finance at very high leverage levels and at very aggressive pricing in order to provide plenty of cash flow as the Rieders take over the operations of the property. Expertise in operations is where the Rieders excel as owners and developers," said Maury Zanoff, director in L.J. Melody's Washington, D.C., office.