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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.

Developed in 1966, Rosecroft Mews sits at 2428 Corning Ave. just blocks off the Capital Beltway. The garden-style multifamily community--which includes a fitness facility, clubhouse and swimming pool--is located within Prince George's County's Oxon Hill submarket. Key market gauges, as noted in Delta Associates' Mid-Year 2005 Class B Apartment Report, indicate that the Oxon Hill submarket has become increasingly desirable from an investment perspective; rents have increased by an average 8.5% since Mid-Year 2004--the largest increase among all Prince George's County submarkets--and the current vacancy rate is at a low 4.5%.