HYATTSVILLE, MD. — Grady Management has broken ground on the 283-unit 3350 at Alterra, a luxury mid-rise multifamily building, located along Toledo Terrace in Hyattsville. Amenities will include a cyber cafe, lounge, game room, pool and fitness center. The project is the first phase of a mixed-use planned redevelopment.
Multifamily
ST. ANTHONY, MINN. — Dougherty Mortgage has arranged a $34 million loan for the refinancing of The Landings at Silver Lake Village, a 263-unit apartment property in St. Anthony. St. Anthony Leased Housing Associates was the borrower. Dougherty arranged the 35-year loan through the HUD 223(f) program. Dominium Development and Acquisition, an active real estate developer, owns and developed the project in 2006.
BETHLEHEM, PA. — Salmanson Capital has acquired an off-campus student housing portfolio adjacent to Lehigh University in Bethlehem for $15.2 million. The company purchased the 50-building portfolio in an off-market transaction. The sale includes a mix of apartment buildings and townhouses totaling 108 units, with 394 beds, which are within blocks of campus. The seller was a local owner. The new owner plans to rebrand the buildings as Campus Hill Apartments and will begin a $2 million improvement plan to complete kitchen and bathroom renovations in all of the units.
SEATTLE — Resmark Apartment Living and Intracorp have formed a joint venture to develop two urban apartment communities in Seattle’s northeast region. This will include a 161-unit community in the University District at 4545 8th Ave. and a 112-unit community at 1020 Northeast 63rd Street. Construction is expected to begin on both apartments in the first quarter of 2013.
KATY, SCHERTZ AND CEDAR PARK — PinPoint Commercial and Thrive Senior Living have plans to develop three assisted living/memory care facilities in Texas, including The Legacy at Falcon Point in Katy, The Legacy at Forest Ridge in Schertz and The Legacy at Crystal Falls in Cedar Park. The 104-bed Falcon Point facility is scheduled to break ground before the end of the year, the 120-bed Forest Ridge facility is slated to break ground in early 2013 and the 90-bed Crystal Falls facility is also slated to break ground in early 2013. The three facilities are part of a five-property portfolio being constructed with a total development budget of more than $80 million.
HOUSTON — The LaSalle Group has plans to break ground on the $11.2 million Autumn Leaves of West Houston, a 26,000-square-foot memory care/assissted living community that will be located at 1725 Eldridge Parkway in Houston. The project is slated to provide 200 jobs and will be the eighth Autumn Leaves community in the Houston area.
SEATTLE — Resmark Apartment Living and Intracorp have formed a joint venture to develop two urban apartment communities in Seattle’s northeast region. This will include a 161-unit community in the University District at 4545 8thAve. and a 112-unit community at 1020 Northeast 63rdStreet. Construction is expected to begin on both apartments in the first quarter of 2013.
OXFORD, MISS. — Carter and Chance Partners have broken ground on the $40 million, 753-bed Highland Square, a student housing community located less than two miles from the University of Mississippi in Oxford. Amenities will include three pools, fitness trails, media center, individual cottage courtyards, community fireplaces, basketball and volleyball courts, a lawn with a stage and games, dog park, car wash, dog wash and media center. Campus Advantage will oversee the property. Completion is slated for July 2013.
ALEXANDRIA, VA. — Walker & Dunlop has arranged $67.5 million in financing for the 443-unit Huntington Gateway Apartments, a high-rise residential community located in Alexandria. Amenities include a fitness center, spa, racquetball court, barbecue area, fireside lounge and tennis courts. Ted Hermes and Elizabeth Conahan of Walker & Dunlop arranged the 10-year loan with a 30-year amortization schedule through New York Life Insurance Co. on behalf of the borrower, Huntington Apartment Associates.
BOYNTON BEACH, FLA. — Beech Street Capital has secured a $21.7 million acquisition loan for the 300-unit Ashley Lake Park, a multifamily community located in Boynton Beach. Amenities include a 24-hour fitness center, basketball court, two resort-style pools, jacuzzi, laundry facility, playground, tennis court and clubhouse with Wi-Fi. Mitch Sinberg and Michael Wallace of Beech Street arranged the seven-year loan with two years of interest-only payments through Freddie Mac's CME program on behalf of the borrower, Robbins Property Associates.