HYATTSVILLE, MD-A $55.5-million financing deal for a six-property multifamily portfolio in Prince George’s County has closed, courtesy of GMAC Commercial Mortgage Corp. The fixed-rate interim financing was arranged via GMACCM’s Proprietary Lending Group in Philadelphia for the borrower, College Park-based Sawyer Realty Holdings. All six properties involved–which are spread out among Hyattsville, Brentwood and Landover–sit within 10 miles of Washington, DC.

“We were able to offer a competitive structure on these solid core assets that were built in the 1950s and 1960s, which some builders would have had a difficult time understanding,” GMACCM senior vice president Robert D. Falese explains of the arrangement. “Ultimately, this allowed us to meet the needs of a repeat borrower.”

Among the six apartment communities in the portfolio is Brentwood’s Finchley Square, a 115-unit, garden-style building with the address of 4008 38th St. Located off Route 1, the building was developed in 1943. Eaton Square is also part of the apartment package. The 48-unit building sits at 7888 Sheriff Rd. across from FedEx Field in Landover. Also a garden-style property, Eaton Square was built in 1964. The remaining four multifamily properties are located in Hyattsville.

The apartment market in Prince George’s County remains strong, despite an increase in vacancies over the last year. According to Delta Associates’ Third Quarter 2004 Apartment Report, the vacancy rate among class B garden-style apartment properties in the county is 3.6%, compared to 1.2% at the end of the third quarter in 2003.

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