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FORT GEORGE G. MEADE, MD. — Picerne Military Housing, a division of the Corvias Group, has broken ground on the U.S. Army's first on-post apartment project for unmarried, junior-level service members at Ft. Meade in Maryland. The $72 million project will give 1,400 service members from all branches of the military the choice to live on post in a garden-style community called Reese Crossings. Reese Crossings will include 432 apartments, ranging from 1,126-square-foot one-bedrooms units to 1,186-square-foot two-bedroom units. The apartments will feature large kitchens with a breakfast bar, full-size appliances, a laundry room, free cable and high-speed Internet. “Today adds to the dramatic transformation of the housing here at Fort Meade as we recognize the Army's commitment to significantly improve the quality of life for our service members,” Katherine Hammack, assistant secretary of the Army for Installations, Energy and Environment said at Thursday's groundbreaking ceremony. Units will also offer master suites with individual bathrooms, walk-in closets, personal climate controls and private, climate-controlled secure storage for military gear. Each unit will be furnished with a sofa, media cabinet, barstools and coffee table, as well as a queen-sized bed, desk and nightstand in every bedroom. “This new community will improve the …

WORCESTER, MASS. — Construction of a state-of-the-art biomedical research and education facility on the University of Massachusetts Medical School campus in Worcester, which will serve as the centerpiece of the state’s life sciences initiative, is complete. Suffolk Construction Co. built the $400 million Albert Sherman Center, a 512,000-square-foot development. The new facility effectively doubles the medical school’s research capacity. The LEED-Gold certified Albert Sherman Center serves as the hub of the Worcester campus, physically connecting to existing buildings with landscaped exterior plazas and two elevated pedestrian bridges. The development stands 11 stories high, with nine occupied floors topped by a two-story mechanical penthouse. The facility features research laboratories, six learning community centers, a 350-seat auditorium, conference rooms, a full-service café and dining area, and a fitness center. Designed by ARC/Architectural Resources Cambridge Inc., the interdisciplinary, research and education facility was created to maximize collaboration among researchers, educators and students to encourage innovation and learning across disciplines. The project also included construction of a nearby 1,411-space, seven-level parking garage. According to Suffolk Construction, a key component to delivering the project on time and within budget was its use of building information modeling, or BIM. BIM is a new way of approaching …

SAN FRANCISCO — Tishman Speyer, a developer and manager of Class A real estate, and China Vanke Co., a specialized residential property developer based in China, have formed a joint venture to construct a high-rise condominium project at 201 Folsom St. in San Francisco. The 655-unit project will consist of two connected residential towers spanning 37 and 42 stories. The project is China Vanke’s first North American investment. China Vanke is the world’s largest developer, with more than 400,000 units delivered in the People’s Republic of China. The firm has also provided property management services to approximately 200 residential communities. “China Vanke has always been a company with a global view, good at learning from excellent peer enterprises,” says Shi Wang, chairman of China Vanke. “We are entering the U.S. market to continue this learning process, to understand business models in a mature market and accumulate management experience through project cooperation.” New York-based Tishman Speyer will manage the development upon completion. As of Sept. 30, 2012, Tishman Speyer has acquired, developed and/or managed more than 125 million square feet of real estate with a total value of more than $61.3 billion since the company’s founding in 1978. “This landmark joint …

NEW YORK CITY — Real estate investment trust SL Green Realty Corp. (NYSE: SLG) has closed on a $900 million mortgage refinancing for 1515 Broadway, a 2 million-square-foot office tower in Times Square. The new 12-year, 3.93 percent fixed-rate mortgage financing replaces the former $775 million mortgage loan. The refinancing follows the April 2012 lease renewal by Viacom of 1.6 million square feet at the tower through 2031. SL Green will recognize approximately $116 million in net proceeds from the deal. “Our ability to execute long-term, fixed-rate financing at historically low rates is a significant achievement and reflects both this property’s strength as well as the continuing positive evolution of Times Square,” says Andrew Mathias, president of SL Green. 1515 Broadway has towered above Times Square since 1972 and is the world headquarters for Viacom, which owns MTV. A $60 million renovation of the 56-story office tower was completed in 2010. The new design includes a stainless steel storefront and canopy, with new gray Pietra di Bedonia stone paving. The new lobby features a custom-glass art wall. “The long-term renewal of the Viacom lease, coupled with our redevelopment of the building’s lobby, common areas, retail space, and the introduction of …

ALEXANDRIA, VA. — A partnership between Artemis Real Estate Partners LLC and American Real Estate Partners has purchased the Carlyle Center, a 161,684-square-foot office building in Alexandria, according to the Washington Business Journal. The purchase price was $78 million, or $485 per square foot. The five-story building is located at 1925 Ballenger Ave. The office property is approximately 90 percent leased. John Kevil of Eastdil Secured represented the seller, Commonfund, in the transaction. Commonfund is an institutional investment firm that was founded in 1969. Commonfund manages more than $24 billion for more than 1,500 institutions. Artemis Real Estate Partners is a private equity real estate investment manager based in Chevy Chase, Md. American Real Estate Partners, based in Herndon, Va., is a privately held, real estate investment company focused on real estate assets in major markets along the Eastern Seaboard. — Brittany Biddy

NEW YORK CITY — The percentage of loans contained in commercial mortgage-backed securities (CMBS) that are paying off on their balloon date has exceeded 60 percent for the fourth time in the last five months, according to the Trepp January Payoff Report. In January, 66.9 percent of loans reaching their balloon date paid off — an increase of more than 12 percentage points from the December reading. The total was also the second highest total over the last four years. Only September's 68.2 percent reading was higher. The January rate of 66.9 percent is well above the 12-month moving average of 49.2 percent. (This number sums the averages of each month and divides by 12. There was no balance weighting across the months.) At the end of the summer, Trepp reported that the payoff rate could move to the upside for the remainder of 2012. The commercial real estate research firm also stated that loans reaching their maturity date would likely be more heavily populated with loans from earlier vintages, and assets from that time frame were made with lower leverage and more reasonable valuations. The result should be better payoff numbers. Data from the past five months has confirmed …

WALTHAM, MASS. — Private equity firm Rubenstein Partners, acting on behalf of Rubenstein Properties Fund II LP, has closed on its acquisition of CenterPoint office park in Waltham for $68 million. The transaction marks the Philadelphia-based firm’s initial investment in its second value-added office real estate fund. The seller was TC Saracen, a joint venture between Saracen Properties LLC and Trammell Crow Co. The approximate 500,000-square-foot office complex is located on 24 acres in Waltham, about 10 miles northwest of Boston. CenterPoint was originally built in the 1950s and used as a research and development facility. The property includes two office buildings: 41 Seyon Place and 43 Foundry Ave. The complex was significantly renovated and redeveloped in 2008 and now includes dramatic and engaging “creative class” office space, according to Rubenstein Partners. CenterPoint is currently 84 percent occupied. Rubenstein Partners purchased CenterPoint through a joint-venture partnership with developer and operator Saracen Properties, which designed and carried out the recent renovations. In addition to efficient floor plates, CenterPoint features high ceilings with an abundance of natural light, feature that are unique to the Waltham market, according to Rubenstein Partners. The office space has seen increased tenant demand from a variety of …

TORONTO — Brookfield Asset Management Inc. (NYSE: BAM), a global alternative asset management firm headquartered in Toronto, has purchased a portfolio of 19 apartment communities in North Carolina, South Carolina and Virginia for $414 million. The portfolio totals 4,892 units and is 92 percent occupied. The acquisition will bring Brookfield’s portfolio to approximately 20,000 units throughout the country. “The acquisition of this attractive portfolio adds to Brookfield’s significant multi-family platform and positions us for continued growth in this property sector,” says David Arthur, managing partner at Brookfield Asset Management. The 19 multifamily properties include: Bridges at Chapel Hill in Carrboro, N.C. Chason Ridge in Fayetteville, N.C. Fairington in Charlotte, N.C. Hamptons at South Park in Charlotte Latitudes in Virginia Beach, Va. Mallard Creek I in Charlotte Mallard Creek II in Charlotte Marina Shores Waterfront in Cornelius, N.C. Oak Hollow in Cary, N.C. Oakbrook in Charlotte Paces Commons in Charlotte Paces Watch Apartments in Mt. Pleasant, S.C. Quail Hollow in Charlotte Bridges at South Point in Durham, N.C. The Timbers in Richmond, Va. Waterford Place in Greensboro, N.C. Waverly Place Apartments in N. Charleston, S.C. Bridges at Wind River in Morrisville, N.C. Woods Edge in Durham Fairfield Residential, an affiliate of …

NEW YORK CITY — Norway’s vast oil fund has made its first investment in U.S. real estate as part of a $1.2 billion joint venture with locally based financial services firm TIAA-CREF. Norges Bank Investment Management (NBIM), manager of the Norwegian Government Pension Fund, and TIAA-CREF will invest in five office properties in Boston, New York and Washington, D.C., marking NBIM’s first foray into U.S. real estate. “This is the fund’s first real estate investment outside Europe and is in line with our strategy to build a high-quality, global property portfolio,” says Karsten Kallevig, chief investment officer for real estate at NBIM. “We are very pleased to team up with a partner that has TIAA-CREF’s knowledge and capabilities and look forward to jointly developing the venture.” The properties, which total 1.9 million square feet, are located at 33 Arch St. in Boston; 470 Park Ave. S. and 475 Fifth Ave. in New York City; and 1300 I Street in Washington D.C. TIAA-CREF owns a 50.1 percent share and will manage the joint venture, while NBIM holds the remaining 49.9 percent share. “NBIM is an excellent partner for us as we share a similar approach to real estate investing — a …

ONTARIO, CALIF. — MG Properties Group (MGPG), in partnership with Rockwood Capital LLC, has acquired Terracina, a 736-unit multifamily community, for $95 million. The property is located at the intersection of Riverside Drive and Archibald Avenue in Ontario, approximately 36 miles east of Los Angeles. Built in 1988, Terracina features two common areas, a fitness center, pools, tennis courts and scenic waterways. MGPG plans to invest in the community’s commons areas, grounds and buildings to provide additional amenities for residents. “We have been invested in the Inland Empire for more than a decade and believe in its economic potential to outpace much of California during the next decade,” says Justin Smith, senior vice president of investments for MGPG. “We expect Terracina to benefit from renewed job growth driven by strengthening economic performance, an effect that we are already beginning to see in our regional portfolio.” Bryan Frazier of Walker & Dunlop arranged mortgage financing that was provided with two separate fixed-rate loans from Fannie Mae. Greg Harris and Kevin Green of Institutional Property Investors represented the buyer in the transaction. Ed Rosen and John Chu of Cushman & Wakefield represented the seller. San Diego-based MGPG is a privately owned real …