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WASHINGTON, DC-A deal has closed for the refinancing of the Capital East Apartments, a 173-unit multifamily property that carries the addresses of 519 8th St., and 816 E St. Acting on behalf of property owner Capital East Partners LLC, GMAC Commercial Mortgage Corp. arranged the financing package, which consists of a $5 million fixed-rate loan through Fannie Mae.

Located in the residential area of the Capitol Hill submarket, the 71,000-sf, newly renovated complex, which is 95% occupied, occupies a parcel that is a little over half an acre near Union Station.

“Our ability to effectively execute this transaction demonstrates GMACCM’s desire to be a major force in the Fannie Mae DUS business by winning and closing the deals we should win and close,” notes GMACCM vice president Robert D. Falese. Falese orchestrated the deal through GMACCM’s loan origination office in Philadelphia.

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