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BEL AIR, MD-AG-FCP Seasons I Owner LLC, a unit operating under the management of developer Federal Capital Partners and partner Angelo, Gordon and Co. Federal Capital have closed on a $38.5-million refinancing deal for Seasons at Bel Air Apartments. The 732-unit multifamily property is located at 955-G Sablewood Rd. in Harford County.

The loan, as per the borrower’s written statement, allows the company to “replace three loans with varying maturities and sizable pre-payment penalties with one loan that materially lowered our annual debt constant, simplified reporting, increased proceeds and markedly improved our financial flexibility.”

The partnership acquired Seasons at Bel Air as part of a three-community portfolio in a $191-million deal earlier this year. Reilly Mortgage group orchestrated the financing–which came in the form of a Freddie Mac loan with a 4.62% interest rate. Once known as the Greenbrier Apartments, the 33-year-old property is a class B garden-style apartment community located off I-95 and about two blocks from Rte. 22.

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