Marvin Hill, GMACCM Washington, DC loan origination office vice president, explains that "GE Capital worked closely with the borrower to complete this highly structured, complex transaction in a short time frame at the end of the year."

Speaking to GlobeSt.com, a GMACCM spokesperson confirms that in addition to allowing the borrowers to take advantage of currently advantageous interest rates, the loan will pave the way for the conversion of one of the multifamily holdings--an apartment community here--into a condominium property. The planned alteration comes just two years after the JV took over ownership of the 1,070-unit portfolio in a $106-million acquisition and renovation transaction.

Arlington's the Brittany Apartment Community, a 408-unit multifamily tower at 4500 S. Four Mile Run Dr., is the property that has been designated for conversion into condominiums. To be renamed the Brittany Condominium, the 12-story building will offer residences for sale this spring. The other properties involved in the refinancing transaction are the 11-structure Crestleigh Apartments in Laurel, MD with 389 units, and the 184-unit Sutton Walk and the 89-unit Lenox Court, both of which are garden-style, multi-structure properties in New Carrollton, MD.