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PIKESVILLE, MD-The 147-unit apartment community known as Excalibur at Avalon is about to get a new owner and a new status now that a $47-million joint venture equity and debt financing package has closed. Borrower Triton Real Estate Partnership will purchase Excalibur from Town and Country Trust.

Maury E. Zanoff and Joseph W. Donato Jr. of CBRE Melody, the real estate investment banking division of real estate services firm CB Richard Ellis, orchestrated the financing. It will also be used to facilitate the conversion of the apartment community to a condominium property.

Developed in 2000, Excalibur occupies a five-acre parcel off the Baltimore Beltway at 9050 Iron Horse Lane. The property consists of an interconnected four-story structure surrounding a parking facility and, according to Maryland real estate records, has a current assessed value of approximately $19 million.