NORTH BETHESDA, MD. — Bethesda-based LCOR has broken ground on the $86 million, 341-unit Aurora, a luxury apartment tower located in the 32-acre North Bethesda Center, a mixed-use development project in North Bethesda. The 18-story property is the second residential phase in the development. The first is the 312-unit Wentworth House, which opened in 2008. Amenities include a fully equipped business center, roof deck, state-of-the-art fitness center, swimming pool and community gardens. Sovereign/Santander provided a $43 million construction loan for the project, which is expected to begin leasing in early 2014.
CASSELBERRY, FLA. — IMT Capital and its affiliate IMT Residential have purchased the 476-unit Newport Colony, a garden-style apartment community located at 1166 Pointe Newport Terrace in Casselberry. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA’s Orlando, Fla., office represented the seller, a real estate investment advisor, in the transaction. Constructed in 1991, Newport Colony has undergone significant capital improvements since 2005, including replacement of all roofs, the addition of new cement board siding, installation of new gutters and an additional 80 balconies on 1BR floor plans.
CANON, OHIO — AFL-CIO Housing Investment will invest $10 million toward a $14 million project to rehabilitate the Mayfield Manor Apartments in Canon. The scope of work includes interior repairs and upgrades. The installation of low-flow plumbing fixtures will reduce energy consumption. The National Steelworkers Oldtimers Community Urban Redevelopment Co. developed the apartment building in the early 1980s to provide low-income seniors with access to affordable housing. Since its completion in 1982, the property has been managed by the Elderly Housing Development & Operations Corp.
STAMFORD, CONN. — A joint venture between Jonathan Rose Cos. and Malkin Properties has opened a new apartment community called Metro Green Residences in Stamford. Perkins Eastman Architects designed the mixed-income development, which was built at the Stamford Transportation Center. The building includes 50 rental units. Of the total, 40 units will be marketed as affordable homes, while the remaining units will be market-rate apartments. The project also includes more than 1,600 square feet of retail space on the ground floor, adjacent to a plaza and rain garden. Amenities include a landscaped courtyard, gardening spaces and a meditation space. The development is the first phase of the Metro Green master plan, which will offer 283 mixed-income residential units and a 350,000-square-foot office tower.
AUSTIN — Newport Beach, Calif.-based MIG Real Estate has acquired The Cottages, a 330-unit luxury apartment community located at 8515 Interstate 35 S. in Austin. The apartment community is currently 94 percent occupied. MIG was self-represented in the transaction, and Alliance Residential Co. will manage The Cottages.
AUSTIN — ARA has arranged the sale of the 156-unit Summer Wind, an apartment complex located at 883 Fairfield Drive in Austin. Andrew Shih of ARA's Austin office represented the seller, who foreclosed on the property. Kansas City, Mo.-based Spectrum Business Ventures is the buyer. The property is 93 percent occupied and features a swimming pool, wood-burning fire places and bay garden windows.
CHARLESTON, S.C. — Capital Advisors has arranged $22 million in refinancing for the 228-unit Riverland Woods Apartments, located at 1001 Riverland Woods Place in Charleston. Cooper Willis of Capital Advisors arranged the 10-year loan with 12 months of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Riverland LLC, through Walker & Dunlop.
CHICAGO — AFL-CIO Housing Investment Trust has provided $11 million to fund the rehabilitation of two affordable housing properties in Chicago. In the city's Uptown community, the funds will support much-needed improvements at Hazel Winthrop Apartments, a four-building development constructed a century ago. In the South Lakefront area, $8.8 million will be used to renovate the Bronzeville Senior Apartments, an 11-story high-rise. The projects will include exterior and interior repairs and energy-conserving retrofits, such as greater insulation and more efficient energy systems.
ST. LOUIS PARK, MINN. — Grandbridge Real Estate Capital has arranged a $17.2 million first mortgage loan for The Flats at West End, a 119-unit apartment community in St. Louis Park. The property is scheduled to open in the spring of 2013. Ben Fazendin of Grandbridge arranged the new construction financing through FHA's 221(d)(4) loan program. The 40-year, fixed-rate mortgage has a 40-year amortization schedule.
NEW YORK CITY — An 11,838-square-foot apartment building in New York's Upper East Side at 225 East 82nd St. has sold for $6.3 million to Erez Itzhaki and Gil Boosidan. The 27-unit property has undergone major renovations including a refurbished roof, new elevator cabs and repainted hallways. Azita Aghravi of Eastern Consolidated represented the seller, a long-term owner, in the transaction. Alan Miller, also of Eastern Consolidated, represented the buyer.