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WASHINGTON, DC-A refinancing package has been put in place for Ellicott House, a 327-unit apartment building at 4849 Connecticut Ave. in the northwest area of the city. Acting on behalf of property owner Connecticut Avenue Associates LP, GMAC Commercial Mortgage Corp. secured the funds through Freddie Mac. The owner’s decision to refinance was prompted by the desire to take advantage of the market’s still agreeable interest rates.

“The borrower principal is a repeat client of GMACCM, and we acted as an exclusive representative in presenting this loan to several lenders,” says Kevin Keelty, vice president of GMACCM’s Washington, DC office. “Based on the aggressive pricing and a streamlined early rate lock execution, we determined that Freddie Mac would best meet our client’s needs.”

A 10-story structure, Ellicott House sits between Nebraska Ave. and Brandywine St., within walking distance of the Van Ness Metro Station. The red brick building was developed in 1972 and remodeled just four years ago. The property is positioned to be competitive, boasting all the requisite apartment community amenities, such as a swimming pool, tennis courts and fitness center, as well as an underground parking facility. According to District property records, the property has a FY 2005 assessed value of nearly $25 million.

GMACCM has successfully orchestrated other refinancing deals for properties in the Greater Washington, DC area. The financial services firm facilitated a $13.5 million package through Freddie Mac for the Brookridge Apartments in Newport News, VA, and it completed a $5 million loan for the District’s Capital East Apartments through Fannie Mae.

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