BOYNTON BEACH, FLA. — Berkeley Point Capital has arranged a $44 million FHA loan for the construction of Compson Place at Renaissance Commons, a 338-unit apartment community in Boynton Beach. The borrower, Compson Associates, is developing the Class A building, which will include two in-ground swimming pools, a clubhouse, Wi-Fi lounge and business center. The project will be part of a larger, 86-acre, mixed-use development known as Renaissance Commons, also developed by Compson Associates. Berkeley Point arranged the 40-year, fixed-rate financing under HUD's Section 220 Mortgage Insurance program.
WASHINGTON, D.C. — Rock Creek Property Group has acquired 808-810 5th St., two adjacent buildings totaling 31,000 square feet in Washington, D.C., for $5.9 million. The properties are located in the city's Gallery Place/Chinatown neighborhood, steps away from the Verizon Center. The seller was Gospel Rescue Ministries, which previously occupied the space. Rock Creek plans to develop a 50-unit apartment or condominium project on the site. Other possible uses include university housing, corporate housing for the surrounding base of national law firms and clinical or office space for faith-based and other non-profit organizations.
MOUNTAIN BROOK, ALA. — A joint venture between Daniel Corp. and Evson Inc. has started construction on The Residences at Lane Parke, a 276-unit apartment community in the Lane Parke development near Mountain Brook Village. Crews will raze the existing Park Lane apartments, followed by site development and vertical construction of the Residences at Lane Parke. The project is slated for completion in spring 2014. Amenities will include a pool, clubhouse and gardens. Wakefield Beasly & Associates Architects is designing the project and Hoar Construction is providing construction services. First Commercial Bank is providing the financing.
ATLANTA — The project team for a $57 million, 25-story residential project at 77 12th St. in Midtown Atlanta recently held a topping off ceremony for the development. The 615,000-square-foot complex will include 330 units, a saltwater pool, bocce ball courts and private terraces. Brasfield & Gorrie broke ground on the project in December 2011 and the complex is slated for completion this September. Rule Joy Trammell + Rubio is the project architect. The 77 12th St. project is the latest phase of the 12th & Midtown development, which includes 1010 Midtown and 1075 Peachtree, also constructed by Brasfield & Gorrie.
EL PASO, TEXAS — ARA has brokered the sale of the Mountain Shadow Apartment Homes, located at 2500-2624 Morehead Ave. in El Paso. The Mountain Shadow development is a collection of apartment properties, including the 72-unit Mountain Shadows, the 28-unit Sun City and three single-family homes. The development features views of the Franklin Mountains, a swimming pool, four laundry facilities and picnic areas. The development is 94 percent occupied. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, a Colorado-based private investor, in the transaction. The buyer is a local, private investor.
SAN ANTONIO — Marcus & Millichap has arranged the sale of the 16-unit Arcadia Place, a multifamily community located at 216 Arcadia Place in the Alamo Heights area of San Antonio. Zar Haro, Michael Moffit Jr. and Moses Siller of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was also a private investor.
HOUSTON — Birmingham, Mich.-based Bloomfield Capital has closed a $3.3 million senior bridge loan for the acquisition of a 240-unit apartment complex located in Houston. The borrower purchased the multifamily community through a short sale. The acquisition loan also includes a reserve for capital improvements in order to renovate vacant units.
SCOTTSDALE, ARIZ. – The 24-unit Los Porticos apartments in Scottsdale has sold to 2778 Loker, LLC for $1.7 million. The community is located at 1221 North 85th Place. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial in Phoenix. The seller, a private real estate partnership, was represented by Brian Tranetzki and Rich Butler of Marcus & Millichap’s Phoenix office.
LONG BEACH, MISS. — HFF has arranged a $12.3 million refinancing loan for Beach Club Apartments, a 220-unit, garden-style community in Long Beach. The property, located at 2012 W. 2nd St., is less than a half mile from the Gulf of Mexico. The 20-building community includes a fitness center, clubhouse, swimming pool and playground. Units average 1,061 square feet. Travis Anderson and Cory Fowler led the HFF team that arranged the 10-year, fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, Dawn Properties Inc.
EAST LANSING, MICH. — Chicago-based HFF has closed on the $101 million sale of an off-campus, three-property student housing portfolio serving Michigan State University in East Lansing. The 852-unit, 2,772-bed student housing property has an average occupancy of 96 percent. Properties in the portfolio include The Club at Chandler Crossing located at 3850 Coleman Road; The Village at Chandler Crossings located at 3839 Hunsaker St.; and The Landings at Chandler Crossings located at 16789 Chandler Road. HFF also arranged the financing. The long-term, fixed-rate $85 million loan is with a CMBS lender on behalf of the buyer, Westpac Investments. HFF represented the seller, Boston-based Long Wharf Real Estate Partners LLC, in the deal.