COLUMBIA, MD. — Developers have broken ground on the $100 million Metropolitan Downtown Columbia, a 380-unit apartment complex. A partnership between Orchard Development, Kettler and Howard Hughes Corp. is constructing the property, which will include 14,000 square feet of ground-floor retail space. The complex is slated to open in late summer 2014. Amenities will include a clubhouse, fitness center, media and game rooms, a courtyard featuring an outdoor screening room, a pool and cabanas.
ALEXANDRIA, VA. — MAC Realty Advisors has arranged nearly $50 million in financing for the development of Braddock Metro Place, a 165-unit apartment community in Alexandria. JW Capital Partners and its local partner plans to break ground on the 10-story property near the Braddock Metro Station this quarter. John Moriarty & Associates will serve as the general contractor. Andrew McAllister, Bruce Levin and Caren Garfield led the MAC Realty team that secured $18.6 million from an insurance company and an additional $29.2 million in senior construction-to-permanent financing from a life insurance company.
HOBOKEN, N.J. — The Milestone Group & Invesco has sold The Juliana, a 128-unit luxury multifamily property in Hoboken for $67 million. AEW Capital Management LP purchased the asset on behalf of the AEW Core Property Trust, the firm’s core open-end fund. Completed in 2007, The Juliana includes two four-story buildings surrounding a 25,000-square-foot courtyard. The property, which is 95 percent leased, offers one-, two- and three-bedroom units averaging 1,068 square feet. Located at 600 Jackson St. and 601 Harrison St., The Juliana is within walking distance to the 9th St. Light Rail station and local bus lines. HFF represented The Milestone Group in this deal.
DALLAS — Hill & Wilkinson will construct a $53.25 million, 235,000-square-foot student housing living/learning center at The University of Texas at Dallas (UT Dallas). HKS Architects Inc. designed the facility and is seeking a LEED Silver certification. The facility will provide housing for 600 students and will include a central dining facility for all five residence halls on campus. The project will also include a 25,000-square-foot gym, multi-purpose classroom space, a breakfast/snack bar, laundry facilities and lounge areas. Hill & Wilkinson previously constructed the Student Services Building at UT Dallas, which was LEED Platinum certified.
SAN ANTONIO — NorthMarq Capital has arranged $8.25 million in first mortgage refinancing for the 216-unit Wolfe Run Apartments, located at 8602 Cinnamon Creek in San Antonio. Robert Ranieri of NorthMarq arranged the 10-year loan to amortize over 30 years through Freddie Mac on behalf of the borrower, Wolfe Run Associates Limited Partnership.
PORTLAND, ORE. — The Parker Apartments, a 177-unit, Class A apartment complex in Portland, has received a $35.6-million construction loan. The project will be situated on a 0.92-acre site at 1447 NW 12th Ave. in the city’s Pearl District. It is sponsored by Astor Pacific, LLC. Financing was originated John Taylor of CBRE HMF in CBRE’s Seattle office through the firm’s FHA-insured loan program.
BOYNTON BEACH, FLA. — Berkeley Point Capital has arranged a $44 million FHA loan for the construction of Compson Place at Renaissance Commons, a 338-unit apartment community in Boynton Beach. The borrower, Compson Associates, is developing the Class A building, which will include two in-ground swimming pools, a clubhouse, Wi-Fi lounge and business center. The project will be part of a larger, 86-acre, mixed-use development known as Renaissance Commons, also developed by Compson Associates. Berkeley Point arranged the 40-year, fixed-rate financing under HUD's Section 220 Mortgage Insurance program.
WASHINGTON, D.C. — Rock Creek Property Group has acquired 808-810 5th St., two adjacent buildings totaling 31,000 square feet in Washington, D.C., for $5.9 million. The properties are located in the city's Gallery Place/Chinatown neighborhood, steps away from the Verizon Center. The seller was Gospel Rescue Ministries, which previously occupied the space. Rock Creek plans to develop a 50-unit apartment or condominium project on the site. Other possible uses include university housing, corporate housing for the surrounding base of national law firms and clinical or office space for faith-based and other non-profit organizations.
MOUNTAIN BROOK, ALA. — A joint venture between Daniel Corp. and Evson Inc. has started construction on The Residences at Lane Parke, a 276-unit apartment community in the Lane Parke development near Mountain Brook Village. Crews will raze the existing Park Lane apartments, followed by site development and vertical construction of the Residences at Lane Parke. The project is slated for completion in spring 2014. Amenities will include a pool, clubhouse and gardens. Wakefield Beasly & Associates Architects is designing the project and Hoar Construction is providing construction services. First Commercial Bank is providing the financing.
ATLANTA — The project team for a $57 million, 25-story residential project at 77 12th St. in Midtown Atlanta recently held a topping off ceremony for the development. The 615,000-square-foot complex will include 330 units, a saltwater pool, bocce ball courts and private terraces. Brasfield & Gorrie broke ground on the project in December 2011 and the complex is slated for completion this September. Rule Joy Trammell + Rubio is the project architect. The 77 12th St. project is the latest phase of the 12th & Midtown development, which includes 1010 Midtown and 1075 Peachtree, also constructed by Brasfield & Gorrie.