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GLASSBORO, NJ-Partners Perseus Realty of Washington, DC and Quinn Properties of Radnor, PA have picked up a $15.9-million, three-year flexible fixed-rate loan to finance their recent acquisition of the Park Crest Village apartment community here. As reported by GlobeSt.com, Perseus and Quinn closed on the deal earlier this month.

The funding was obtained from GE Real Estate in a transaction arranged by Geoff Rice of the New York City office of CB Richard Ellis. Besides the acquisition cost, which was not disclosed, the financing will be used for renovations planned for the property.

"The renovations planned for Park Crest Village will only add to the attractiveness of the investment," says David Cohen, eastern regional director for GE Real Estate. "We're pleased to complete our first transaction with the respective groups."