BALTIMORE-A refinancing package valued at $166 million closes for an 11-property portfolio here. The owner plans to upgrade the combined 2,100 rental units.

BETHESDA, MD-First Potomac Realty Trust snaps up three industrial properties in separate transactions totaling $60.2 million. The complexes all consist of multiple structures and account for a total of just over one million sf.

ROCKVILLE, MD-United States Pharmacopeia taps DPR Construction for a 157,000-sf office and laboratory project on its headquarters campus. With work under way, the two-building, $72 million project is on schedule to reach completion in fall 2006.

COLLEGE PARK, MD-Completion of a $16 million renovation allows the Center for Advanced Study of Language to open its doors. The 130,000-sf former manufacturing facility will serve as the anchor of the 128-acre research park.

WASHINGTON, DC-Real estate developer Akridge wraps up the first closing of the $150-million Akridge Office Fund. With the closing of the fund came the closing of its first acquisition, the 60,000-sf Falls Church Gateway office development.

BALTIMORE-Construction begins on the Ritz Carlton Residences Inner Harbor Baltimore development. The developer will spend $250 million to complete the project, which is on target for a mid-2007 delivery.

KENSINGTON, MD-The tenant goes from occupying 37,000 sf to 50,100 sf for an eight-year term. The company has been a tenant since 1983.

VIENNA, VA-A class A office portfolio sells in a deal valued at $96.6 million. The properties--which last traded less than a year ago for $80 million--account for a total of 516,100 sf and are currently 85% leased.