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LAUREL, MD-The Bozzuto Group has acquired two multifamily properties here for $86 million in addition to its recent $98-million acquisition of four properties in Temple Hills, and Forestville in June. The new properties, Laurel Square and Towne Center, encompass some one million sf and 982 units.

Slightly more than $80 million of the purchase amount--$80.1 million--was financed through CBRE|Melody. RIMSI Corp. is the seller. "Despite the size of the transaction and the existing debt that encumbered part of the portfolio, we were able to structure a loan that was priced very aggressively and that provided maximum flexibility to our client," says Maury E. Zanoff, senior director with CBRE|Melody, who structured the financing along with Joseph W. Donato Jr . "This included flexible release provisions, extension options and short term mezzanine financing that will ultimately convert to a co-terminus senior loan."

According to industry sources the mezz piece of the financing was provided at rates half of what is typically seen in such a deal. A typical range for such a transaction, just to provide an illustration, would be 250 basis points or higher, over the spread.