(To read more on the multifamily market, click here.)

(To read more on the debt and equity markets, click here.)

FORT WASHINGTON, MD-A financing package in the amount of $22 million has closed for Rosecroft Mews Apartments, a 304-unit rental property. Finesa Real Estate Group plans to use the funds to acquire the property and to upgrade it, as well.

LJ Melody & Co., the real estate banking arm of real estate services firm CB Richard Ellis, orchestrated the financing on behalf of private equity fund. "The conduit financing allowed Finesa to finance almost 90% of the acquisition and rehabilitation costs at a rate below 5.25%," says Murray Zanoff, senior director of in LJ Melody's Washington, DC office; Zanoff secured the funding for Finesa along with colleague Joe Donato, also a senior director. The seller of Rosecroft Mews is Aimco Rosecroft Mews LP, which acquired the property five years ago for $12.9 million. According to the Maryland Department of Assessments and Taxation, the apartments and the 3.6 acre parcel they occupy have a total assessed value of $4.8 million.