"We were able to offer a competitive structure on these solidcore assets that were built in the 1950s and 1960s, which somebuilders would have had a difficult time understanding," GMACCMsenior vice president Robert D. Falese explains of the arrangement."Ultimately, this allowed us to meet the needs of a repeatborrower."

Among the six apartment communities in the portfolio isBrentwood's Finchley Square, a 115-unit, garden-style building withthe address of 4008 38th St. Located off Route 1, the building wasdeveloped in 1943. Eaton Square is also part of the apartmentpackage. The 48-unit building sits at 7888 Sheriff Rd. across fromFedEx Field in Landover. Also a garden-style property, Eaton Squarewas built in 1964. The remaining four multifamily properties arelocated in Hyattsville.

The apartment market in Prince George's County remains strong,despite an increase in vacancies over the last year. According toDelta Associates' Third Quarter 2004 Apartment Report, the vacancyrate among class B garden-style apartment properties in the countyis 3.6%, compared to 1.2% at the end of the third quarter in2003.