ORLANDO, FLA. — Beech Street Capital has provided an $11.2 million Freddie Mac CME loan to refinance the 318-unit Woodhollow Apartments, located at 5739 Kingsgate Dr. in Orlando. Jacob Katz of Meridian Capital Group's Bethesda, Md., office originated the transaction. The loan has a 10-year term.
BOSTON — Construction crews have broken ground on The Kensington, a $170 million residential tower in Boston. The 488,000-square-foot tower, located at 659 Washington St., includes 381 rental apartments and 2,300 square feet of ground retail space. The development team includes Boston-based Kensington Investment Co., National Development and equity partner Northwest Mutual. Suffolk Construction is the contractor for the project and the architectural firm is The Architectural Group. Construction is scheduled for completion in summer 2013.
ADDISON — San Antonio-based Embrey Partners has closed on a 353-unit multifamily community currently under development, located at the southeast corner of Keller Springs and Addison roads in Addison. The units will feature granite countertops, custom cabinetry, garden tubs and stainless steel appliances. Amenities for the complex will include a clubhouse, cafe, health club and swimming pool. Construction is slated to begin immediately and occupancy is slated for first quarter 2013. Wells Fargo provided construction financing and Holliday Fenoglio Fowler arranged equity financing.
AUSTIN — Marcus & Millichap has arranged the sale of the 70-unit Westheimer Oaks, an apartment complex located at 2606 Wheless Ln. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller, a partnership, in the transaction and procured the buyer, a limited liability company.
PALM BAY, FLA. — ARA has negotiated the $3.17 million sale of the 216-unit The Pines Apartments, a garden style apartment community located at 3016 Pinewood Dr. NE in Palm Bay. The property is currently 92 percent leased. Kevin Judd, Patrick Dufour and Matt Wilcox of ARA's Orlando, Fla., office represented the seller in the transaction. Cincinnati-based Green Realty Corp. was the buyer.
HOMEWOOD, ALA. — Beech Street Capital has closed a $19.9 million Freddie Mac CME conventional loan for the 274-unit Mayfair Chateau Manor, located at 3450 Manor Dr. in Homewood. Beech Street's Birmingham office arranged the 10-year loan with a 30-year amortization schedule.
HOUSTON — Phoenix-based Alliance Residential Co. has begun construction on the 246-unit Broadstone West Dallas, an apartment community located at the intersection of West Dallas and Gillette streets in Houston. The finished apartments will feature granite countertops, a washer and dryer package, stained-wood cabinets, track lighting and Berber-style carpeting. The complex will have a 5,000-square-foot clubhouse with a demonstration kitchen, massage room and iCafe. Other amenities will include a large swimming pool, outdoor cooking facilities, fitness center, central courtyard and separate park area. Final completion is slated for second quarter 2013.
SAN BENITO — Dallas-based RightQuest has broken ground on Phase II of the 110-unit Villages at Paso Real, a luxury multifamily community in San Benito. Phase II includes the addition of 70 apartment units, a playground, poolside cabana, laundry facility and detached garages. RightQuest is working on behalf of Brownsville-based Villages at Paso Real, LP. Austin-based Journeyman Construction is the general contractor of the project, Capstone Real Estate Services' San Antonio office is providing management services and IBC Bank is providing the financing for the development. The project is slated for a April 2012 occupancy.
LAFAYETTE, LA. — Walker & Dunlop has secured $18.98 million in financing for the 242-unit Ansley Walk Apartments, located at 401 Guidry Rd. in Lafayette. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 7-year loan with a 30-year amortization through Freddie Mac's CME program.
WEEHAWKEN, N.J. —Developers Lennar Urban and Roseland Property Co. have broken ground on a new phase of condominiums at Henley on Hudson at Port Imperial in Weehawken, N.J. The 36 new condo units, ranging in size from 912 to 1,722 square feet, will be completed by May 2013. When fully completed in 2015, the Henley on Hudson development will include 222 units.