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SILVER SPRING, MD-With the assistance of LJ Melody & Co., Rieder Communities LLC has closed on a $64-million acquisition financing package for the Avery Park apartment community. LJ Melody, the banking division of real estate services firm CB Richard Ellis, orchestrated the loan, securing financing from Bank of America.

The 606-unit multifamily property recently underwent a $13-million upgrade involving the renovation of unit interiors, as well as the development of a new fitness facility, community clubhouse, and business center.

Avery Park–which consists of 53 garden-style structures on Hampshire Green Lane–also features an Olympic-size pool, playground, and access to major thoroughfares Interstate 95 and Interstate 495, as well as the University of Maryland. Based out of New York and New Jersey, Rieder Communities is a family-owned and operated property development and management concern that has erected over 10,000 apartment units over the years.

The company’s reputation appears to have helped in the facilitation of the acquisition loan. LJ Melody director Maury Zanoff explains, “We were able to finance at very high leverage levels and at very aggressive pricing in order to provide plenty of cash flow as the Rieders take over the operations of the property–expertise in operations is where the Rieders excel as owners and developers.”

LJ Melody arranges financing for a variety of property types. With regard to multifamily properties in the Metropolitan Washington, DC area this year, the company also orchestrated a $10.5-million acquisition financing package for the River Pointe apartment community in Fort Washington.

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