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SILVER SPRING, MD-The papers have been signed, sealed and delivered on a $21 million financing package for Fairfield Residential LLC’s purchase of the 416-unit Rosemary Apartments community. The structured products group of Newman Financial Services facilitated the deal, which consists of a combination bridge and mezzanine loan.

“This transaction fell right into the strike zone of SPG’s capabilities,” explains SPG managing director and Newman senior vice president Jay Rollins. “The loan proceeds were applied toward acquisition/interim financing, with the intent of replacing SPG’s debt with tax-exempt bond financing and tax credit equity. This is a situation where SPG enabled a client to purchase a property while simultaneously arranging the permanent financing, rather than having to delay acquisition in order to secure permanent debt and equity.”

The new owner plans a major upgrade of the half-century-old property, which will include repairs to lift code violations.

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