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WASHINGTON, DC-Local developer Donatelli & Klein has refinanced the 190-unit Ellington Apartments in the city's U Street Corridor.

A spokeswoman at CharterMac Mortgage Capital tells GlobeSt.com that the funds will be used to purchase a portion of the limited partnership interests in the 1301 U St. asset. She declined to quantify the proceeds or give further information about the partnership structure.

New York City-based CharterMac Mortgage Capital together with subsidiaries Dallas-based ARCap and American Mortgage Acceptance Co., also in New York City, provided the $57.3-million financing, which is split into senior and subordinate pieces. A $40.8-million A note was split into two pieces, both of which carried a 5.82% interest rate with a 10-year term at four years of interest-only payments and followed by a 30-year amortization. The B note for $16.5 million had a 7% interest rate with a 10% overall rate of return and interest-only payments. An investment fund sponsored by ARCap funded the A1 note while American Mortgage funded the A2 and B notes.