$11M in Financing Paves Way for Apartment Purchase

FORT WASHINGTON, MD-The River Pointe apartment community will soon become the property of Boone Properties LLC now that LJ Melody & Co. has orchestrated $10.5 million in acquisition funding. Bank of America is providing the funds for the purchase of the 170-unit multifamily compound. Built in 1968 and renovated between 2000 and 2002, River Pointe is a six-building garden-style property located on a nine-acre parcel just a mile from I-95 and I-495, the Capital Beltway. The complex last hit the market in 2001 when the Bozzuto Group bought it for about $7.5 million.

“The River Pointe transaction was a deal that generated a significant interest in the lending community,” says LJ Melody Washington, DC Office director Maury Zanoff. LJ Melody is the real estate banking division of real estate services firm CB Richard Ellis. “We received several quotes with favorable financing terms from lenders who were eager to work with Boone and finance this highly accessible and striking multifamily property. High leverage acquisition financing for a multifamily property demonstrates the appetite of the capital markets for product in Prince George’s County.”