Southeast

SILVER SPRING, MD. — The $49.5 million, 195-unit Galaxy Apartments, located at 8025 13th St. in Silver Spring, has opened. Amenities include a clubroom with a pool table, flat screen televisions and a Wii station, as well as a cyber cafe with Wi-Fi. RST Development developed the property and Clark Realty Builders was the general contractor. Hercules Real Estate has been retained to lease and manage the property, which includes 82 affordable units and 113 market units. Financing included a tax-exempt bond mortgage of $38.5 million provided by the Montgomery County Housing Opportunities Commission, along with a $5 million loan from the Montgomery County Department of Housing and Community Affairs, from the County's Housing Initiative Fund. Additionally, the county provided a Payment in Lieu of Taxes agreement.

CHARLESTON, S.C. — Charleston-based Middle Street Partners has prepared to break ground on a $32 million, 270-unit luxury apartment complex, located at the intersection of Walt Miller Drive and Mathis Ferry Road in Charleston. Memphis-based MAA has entered into an agreement with Middle Street to purchase the land from the company and provide construction financing. Amenities will include a fitness center, resident lounge/business center and a resort-style pool. Dallas-based Humphreys & Partners designed the project and Jacksonville, Fla.-based Summit Contractors will be the general contractor. The first apartments and clubhouse will be completed in early 2013, with full completion slated for summer 2013.

BALTIMORE —Beech Street Capital has provided an $11.3 million Fannie Mae conventional loan for the acquisition of the 120-unit Henderson House, a multifamily property located at 101 E. Mount Royal Ave. in Baltimore. Jacob Katz of Meridian Capital Group originated the 10-year loan with 2-years interest only and a 30-year amortization schedule.