McLean, Va.-based Reilly Mortgage Group has closed a $51 million loan to Denver-based AIMCO for Riverside Park, a 1,222-unit apartment complex in Alexandria, Va. McLean-based Freddie Mac's Early Rate Lock program funded the loan. The proceeds will fund $3.5 million in renovations and will pay off the complex's existing floating-rate loan from Stamford, Conn.-based GE Capital.

The 20-year loan carries a 7.64% interest rate amortized over 20 years. The complex, which was 99% occupied at the loan's closing, features three 16-story buildings.