BOSTON — The Zoning Commission for the city of Boston has approved the Planned Development Area development plan that will provide zoning regulations for the city’s Parcel 24 project. The project consists of the construction of a 325-unit, mixed-income housing development in the city’s Chinatown neighborhood on a block bounded by Hudson, Kneeland and Albany streets. Approximately 50 percent of the residences will be affordable, and will include 70 rental apartments and 66 to 99 condominiums. Another 156 to 189 condos will be market rate. The transit-oriented development will be close to rail and bus lines, as well as LEED certifiable. The project is being developed by a joint venture between locally based organizations Asian Community Development Corp. and New Boston Fund. Part of the project’s financing is coming from New Boston Fund’s Urban Strategy America Fund.
NEW BRAUNFELS, TEXAS — Dallas-based BMC Capital has arranged $2.1 million in acquisition financing for Laurel Heights Apartments, a 72-unit multifamily community located at 483 Laurel Lane in New Braunfels. Terms of the loan include an 80 percent loan-to-value ratio, a 10-year term with a 30-year amortization schedule, and a fixed interest rate. The borrower was an out-of-state, 1031 exchange investor. The lender was not disclosed.
LA MESA, CALIF. — Los Angeles-based Strategic Realty Capital has acquired the Baltimore Apartment Portfolio, a family-built and -owned multifamily property in La Mesa. Constructed in phases between 1973 and 1980, the 406-unit property sold for $53.35 million. Morris and Barbara Steiman sold the property. Steve Huffman, Chris Rogers and Dick Bassett of Hendricks & Partners brokered the transaction. Mike Vinti of First American Title handled the escrow and title services; DLA Piper and Sheppard Mullin provided legal services; Deutsche Bank provided financing for the transaction.
BIRMINGHAM, ALA. — Warren Higgins of Capmark Finance’s Horsham, Pa., office has secured a $19.5 million loan for Rodman Properties’ acquisition of the 315-unit Stonecrest Apartments. The loan was financed through Capmark’s Fannie Mae DUS program. The 26.5-acre property, located at One Stonecrest Dr. in Birmingham, features a clubhouse, a pool and tennis, volleyball and basketball courts. Stonecrest is 92 percent occupied.
WASHINGTON, D.C. — Washington-based Urban Investment Partners will spend $2 million to renovate the century-old Absecon, a foreclosed 21-unit apartment complex located at 1706 T St. N.W. in Washington. The firm purchased the building last year for $60 million and will deliver the property, which is to be renamed The Shelby, next June. In addition to expanding the building’s capacity to 24 units, UIP will install wireless Internet capabilities and security cameras. Renovations are about to get underway on the 63-unit Shelburne complex, located on 17th Street in Washington. When it delivers at the end of this month, the building will feature a new lobby, a new front door with an awning, hallway improvements and a laundry room.
FRESNO, CALIF. — CMR Mortgage Fund has completed the disposition of a 33-unit multifamily community in Fresno. Built in 1970, the property features two-bedroom, garden-style units. The undisclosed buyer plans to renovate the community. Jamie Clifford and Steve Carne of Arroyo & Coates represented the seller in the transaction. The acquisition price was not disclosed.
LOS ANGELES — Hiu Chan of Marcus & Millichap has completed the disposition and acquisition of an apartment building located at 2054 Argyle Ave. in Los Angeles. The 31-unit property sold for $4.5 million. Built in 1957, the property is situated on a 21,562-square-foot site. The seller and buyer were not disclosed. Chan represented both parties in the transaction.
CARMEL, IND. — St. Louis-based Paric Corp., as construction manager, has completed a $42 million senior housing community located at 2460 Glebe St. within the Village of West Clay in Carmel. The 337,000-square-foot Stratford at West Clay was designed as an active senior living community situated within a multi-generational setting. The facility, which was developed and is being operated by the Stratford Cos., includes 172 apartments, with a total of 400 rooms. Additionally, 40 detached bungalow units are available for independent living. Amenities at the property include an indoor pool, library, salon, spa, and full dining and kitchen facility. The Lawrence Group served as the architect/designer for the project.
WANAQUE, N.J. — Bloomfield Hills, Mich.-based Pulte Homes is advancing construction for Wanaque Reserve by Del Webb, a 436-acre active adult community located in Wanaque. Seven of the community’s 10 planned buildings are currently complete. Upon full build-out the project will comprise 755 two-bedroom carriage houses. The single-story units will contain up to 2,119 square feet of space, and will be priced from the mid $300,000s. Community amenities for Wanaque Reserve will include indoor and outdoor swimming pools with sundecks and patios; tennis and bocce courts; walking and hiking paths; and a 20,000-square-foot clubhouse that will contain a fitness center, card and billiards rooms, a computer center, arts and crafts rooms, a theater, and an entertainment hall. The community is situated at the base of Ramapo Mountain State Park, and is bordered by Wanaque River. Building 4, which contains 77 units, recently sold out; sales are under way for Building 3, which contains 58 homes. The construction timetable was not released.
WACO, LONGVIEW AND WICHITA FALLS, TEXAS — Cleveland-based KeyBank Real Estate Capital has secured $19.6 million in Freddie Mac financing for three Texas assisted living facilities. Meadowlands Terrace, located in Waco, received a $7.9 million loan; Eastman Estates, located in Longview, received a $6.4 million loan; and Wichita Falls, located in a city of the same name, received a $5.3 million loan. The fixed-rate credit facility has a weighted average interest rate of 6.65 percent and a term of 10 years. The borrower was not disclosed.