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BOSTON — Boston Properties has secured $215 million in construction financing for its Russia Wharf mixed-use development, located along the Boston waterfront. Also known as 280 Congress Street, Russia Wharf is a planned 850,000-square-foot project that will feature a 31-story, Class A office tower. The approximately 550,000-square-foot building has already secured its anchor tenant, with Wellington Management Co. signing a lease for 450,000 square feet. Other uses at the project include 30,000 square feet of retail and public space at the base of the office tower, as well as a 300,000-square-foot residential component in the historic Russia Building. Finally, a 650-space, below-grade parking structure will be built. The project fronts the new Rose Kennedy Greenway, as well as Boston Harbor. Boston Properties also will be applying for LEED-Gold certification for the project. Construction financing for Russia Wharf carries a 5-year term with a floating interest rate that equates to LIBOR plus 3 percent per annum. The loan was provided by a syndicate of commercial banks. Russia Wharf is currently under construction, and is slated for delivery in the first quarter of 2011. — Coleman Wood

ANAHEIM, CALIF. — Jamboree Housing Corp. and H.O.M.E.S. Inc. (Helping Our Mentally Ill Experience Success) have developed Diamond Apartment Homes in Anaheim. Located at 1310 W. Diamond St., the green multifamily development will provide housing and mental health supportive services for previously homeless individuals and families in Orange County. The three-story building offers 15 one-bedroom units and 10 two-bedroom units to tenants that earn 30 percent of the area median income. The fully furnished units feature Energy Star appliances, window and floor coverings, ample storage closets and private outdoor space. Additionally, the property features a 2,500-square-foot resident services center, which features a teaching kitchen, a multi-purpose room and a computer lab, as well as case management offices. “Diamond Apartment Homes started when the City of Anaheim issued a Request for Proposal for several affordable housing sites,” says Laura Archuleta, president of Jamboree Housing Corp. “Jamboree responded and was awarded the site. The City was looking for affordable housing for families. After evaluating the site, the community needs and the funding options, we jointly decided to build a project to house those families where at least one member has a mental illness and has previously been homeless.” Designed by KTGY Group …

NEW YORK CITY — The New York City Housing Authority (NYCHA) has received $423 million in stimulus funding for renovations and improvements to 70 public housing projects located throughout the five boroughs. The funds were secured as a result of the American Recovery and Reinvestment Act of 2009. “This money will allow us to immediately begin working on more significant upgrade, rehabilitation and energy conservation projects in housing developments throughout the five boroughs,” said Mayor Michael Bloomberg in a prepared statement. He added, “The stimulus funds will create more than 3,200 jobs, while also improving the apartment buildings of thousands of New Yorkers and affirming our commitment to preserving public housing.” The single largest project to be funded as a result of the stimulus is the $87 million renovation of Whitman-Ingersoll Houses, located in Brooklyn. The two housing communities contain a total of 35 buildings and 3,475 units. The project will include the renovation and reconfiguration of 1,610 apartments in 19 buildings. Kitchens, bathrooms, plumbing and electrical systems will be upgraded; new paint and plaster will be put on the walls; closet and interior doors, as well as floor tiles, will be replaced; and new smoke and carbon monoxide detectors …

PARIS, TENN., AND MANTEO, N.C. — The U.S. Fish and Wildlife Service will soon break ground on two new park visitor centers in the Southeast. The $6.1 million center for the Tennessee National Wildlife Refuge in Paris, Tennessee, and the $6.65 million property in the Alligator River National Wildlife Refuge in Manteo will provide a permanent home for park staff. The buildings are two of the 183 projects slated for the Southeast meant to improve the functionality of fish and wildlife spaces. Funding for the projects, which totals $56.5 million, will be secured through President Obama’s American Recovery and Reinvestment Act. In all, $115 million has been awarded to the U.S. Fish and Wildlife Service for property construction and energy retrofits throughout the country. The proposed updates include reconstruction and repair of buildings, energy efficiency retrofits and deferred maintenance. The projects will affect properties in Alabama, Arkansas, Georgia, Florida, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee. “These projects will strengthen our conservation work, enhance the experience of visitors at our national wildlife refuges and fish hatcheries, improve energy efficiency and save money in the future by eliminating thousands of dollars in rental payments for office space,” Sam Hamilton, …

TALLAHASSEE, FLA. — The New York and Miami offices of Holliday Fenoglio Fowler have been engaged to sell the 988,000-square-foot Tallahassee Mall, currently held in receivership. If sold, it will be the third life for Tallahassee Mall. In 1996, Compass Retail brought the center back from near death with an invigorated tenant mix, including then “alternative” tenants like a movie theater, a post office, cable company store and large-format book store. At the time, the center was heralded as a beacon for how older regional malls in second tier markets could reinvigorate their tenant mixes. The center has lost a number of tenants in recent years, including two major anchors in 2008 — Dillard’s and Goody’s — and is currently 61 percent leased. Tallahassee Mall continues to be anchored by Belk, AMC Theatres, Burlington Coat Factory, Ross Dress For Less, Sports Authority and Barnes & Noble. The center is on the market clear of debt and without a formal asking price. HFF managing directors Lynn DeMarco, Brad Peterson and Joe Morningstar have the listing for the receiver. — Randall Shearin

NEW YORK CITY — The Financial Times Building, a 42-story office tower located in Manhattan, New York City, has been sold at auction after one of its creditors foreclosed on the property. Otera Capital Corp., a subsidiary of Canada’s largest pension fund, foreclosed on the property after the building’s owner, Macklowe Properties, defaulted on a $130 million mezzanine loan in January. According to Reuters, Otera was the only party to place a bid at the auction, and it acquired the property with the minimum bid of $100,000. Otera will now assume the property’s $240 million senior mortgage, which is held by German American Capital Corp., an affiliate of Deutsche Bank. A spokesperson for Otera stated that the company took control of the property in order to protect its investment, but it believes that the Financial Times Building is a unique property that is well positioned for the future once the economy turns around. The Financial Times building is located at 1330 Avenue of the Americas. The building most prominently houses the offices of the Financial Times, a business newspaper headquartered in London. It was between 65 and 70 percent occupied at the time of the auction. The current recession has …

ATLANTA — Atlanta-based Opus South Corp., a division of the Minnetonka, Minn.-based developer Opus Corp., has filed for Chapter 11 bankruptcy, along with some of its subsidiaries. The filing allows Opus South to financially restructure its operations and does not affect the company’s separate entities in the North, Northwest, East and West. Employees in Opus South’s Atlanta and Tampa, Fla., offices currently are working on the disposition of assets, and the company will staff the offices with 25 employees until the disposition is complete. “We are working on the wind down of operations for Opus South,” says Winston Hewitt of Opus Corp. “We are exiting the market.” Officials at Opus South saw a dust up over commercial real estate on the horizon a few years ago and began anticipating a decline in the demand for construction. “We slowed development more than 2 years ago because we saw this coming,” Hewett says. “We’ve not experienced such a sharp decline in commercial real estate development or seen the complete shut down of capital and refinancing.” In the next year, Hewett says that $324 million worth of loans Opus South has taken out with banks to finance construction will mature. This includes four …

CHICAGO — Chicago-based General Growth Properties (GGP) has sought additional relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The additional relief was sought for certain subsidiaries, including eight regional shopping centers. On April 16, 2009, GGP announced that it was seeking voluntary relief under chapter 11 to reduce and restructure its debts for approximately 158 regional shopping centers and certain other subsidiaries. Other subsidiaries, including GGP's third-party management business and GGP's joint ventures, have not filed for protection. All day-to-day operations and business of all of GGP's shopping centers and other properties will continue as usual. According to a statement from Adam Metz, chief executive officer of GGP, the additional filings were part of an overall plan to restructure the company’s debt. He notes that the company does not currently plan to file any other subsidiaries for additional protection, but that could change during the restructuring process. The properties seeking relief in the filing include: Retail Properties • Capital Mall (Jefferson City, Missouri) • Columbiana Centre (Columbia, South Carolina) • Gateway Mall (Springfield, Oregon) • Grand Traverse Mall (Traverse City, Michigan) • Greenwood Mall (Bowling …

OCEANSIDE, CALIF. — Northwestern Mutual Life Insurance Co. has sold two Oceanside apartment properties totaling 658 units to San Francisco-based The Prime Group for $84 million. The purchases reinforce the company’s recent multifamily investment strategy. The Prime Group acquired a 560-unit California apartment complex in December. “The Prime Group has continually pursued institutional-size apartment buildings in good locations in the western United States,” says Alejandro Lombrozo of Cushman & Wakefield’s San Diego office. “They felt these assets would produce a favorable return at the offer prices they submitted.” Lombrozo, along with the firm’s Ed Rosen and John Chu, represented Northwestern Mutual in the transaction. Rosen and Chu also represented The Prime Group. The 424-unit Villages of Monterey complex, located at 3901 Mesa Dr., was acquired in the deal for $52 million. Located on a 42-acre site, the 21-year-old property encompasses 28 buildings. Amenities include three swimming pools, tennis and basketball courts, a racquetball court and a sauna. The 234-unit Montecito Village, located at 4302 Cassanna Way, also was purchased for $32 million. Montecito Village was built in 1989 on 11.6 acres. The property includes a swimming pool and spa, sand volleyball court, basketball court, fitness facility and a business center. …

ST. CHARLES, ILL. — Chicago-based JCF Real Estate has begun construction for something that has gone much the way of the dinosaur lately — speculative office space. The firm is working on two single-story, 15,000-square-foot office buildings within The Corporate Reserve of St. Charles, the company’s new 50-acre business park located along State Route 64 near Randall Road in St. Charles. Initial plans for the project call for the two office buildings, as well as a three-story, 45,000-square-foot office building. JCF is not as sure about bringing a 45,000-square-foot building to market completely on spec, so construction of it will begin after some leasing commitments are obtained. Completion of the two office buildings is scheduled for this August. Paul Robertson, executive vice president of JCF Real Estate, says that he was worried about bringing spec office product to market in a year like this one, but he believes there is an opportunity to develop product that is lacking in the St. Charles market. Many Chicagoland decision makers call this area home, but get in their cars every day and commute in-town to work. “What we are trying to do is create a corporate park, which is a type of development …