Southeast

CLERMONT, FLA. — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has been selected to design Phase II of The Glen at Cagan Crossings. The project will add six three-story buildings to the Clermont multifamily community, bringing its total to 792. Forum also designed Phase I of The Glen at Cagain Crossings. Phase II construction will begin this fall. The Glen is part of the Cagan Crossings mixed-use community, which contains retail, restaurants and residences. Cagan Management Group is its owner and developer.

RICHMOND, VA. — New Jersey-based Tryko Partners has entered the Virginia market with its acquisition of a 216-unit affordable housing community located in Richmond. Midlothian Village was constructed in 1971. The community, which is situated at 4000 Midlothian Turnpike, contains a mix of one- and two-bedroom communities and features an on-site leasing office, laundry facilities and a playground. Tryko partnered with a Boston-based investment management firm on the acquisition, with Tryko serving as operating partner. The partnership assumed existing Freddie Mac and IRP loans as part of the deal. Jeff Kunitz, Spencer Hurst and Brandon Grisham of Marcus & Millichap’s Tax Credit Group arranged the purchase.

WOODBRIDGE, VA. — Beech Street Capital has closed on a $49.5 million Freddie Mac CME loan for the acquisition of an apartment property located in Woodbridge. Misty Ridge Apartments comprises 25 two-story buildings containing a total of 409 units. The community also contains a clubhouse/leasing building, a fitness room, a laundry room, a playground and a dog run. The seller, Klingbeil Capital, has renovated 130 of the community’s units to date. Barry Lefkowitz of Meridian Capital Group originated the loan on behalf of Beech Street, which financed it. The loan carries a 7-year term with 1 year of interest-only payments, 6.75 years of defeasance and a fixed rate.

CHARLOTTE, N.C. — Proffitt Dixon Partners has acquired a site for its newest Charlotte-area apartment community, Fountains Uptown. The $40 million, six-story community will include 230 apartments, located at 900 E. Stonewall St. Nearby employers include Duke Energy, Wells Fargo, Bank of America and NASCAR. The apartments will include 10-foot ceilings, granite countertops, stainless steel appliances, built-in microwaves and ceiling fans. Select apartments will have oversized garden tubs, large master closets and moveable kitchen islands. The 8,000-square-foot clubhouse will feature a fitness center and pet spa. Construction is expected to start in early fall with move-ins expected to begin in 2015.