CAMBRIDGE, MD. — Centerline Capital Group has provided a $2.46 million FHA 223(a)(7) loan for the 144-unit Bay Country Apartments, located at 515-630 Greenwood Ave. in Cambridge. The proceeds of the loan will be used to refinance the existing FHA 221(d)(4) loan. Centerline arranged the loan through Osprey Properties, a firm with which Centerline has an established equity relationship, on behalf of the borrower, Greenwood Avenue Development.
WORCESTER, MASS. — WinnDevelopment is redeveloping the former Worcester Vocational High School into 84 apartments, called Voke Lofts. The Boston-based firm recently broke ground on the 116,306-square-foot project at 34 Grove St. The project is reported to cost $32 million. Half of the units will be market-rate apartments, while the other half will provide discounted rates for low-income tenants. Amenities will include a computer center, fitness center and bike storage. The building's first units will be available to rent in the spring of 2014.
HOUSTON — Construction is under way on The Sovereign, a 21-story, 290-unit multifamily development located on the old Allen House Apartments site off Allen Parkway in Houston. The development is the first phase of Regent Square, a mixed-use development. Ziegler Cooper Architects designed The Sovereign to achieve LEED Silver certification with an efficient HVAC system, pedestrian-oriented street design, bicycle parking, usage of condenser water for irrigation, green and reflective roofs, low-energy glass, electric car charging stations, trash chutes and a cardboard bundler. Amenities will include a clubhouse, fitness center, yoga room, demonstration kitchen, private dining rooms, screening room, game lounge, bar/sports lounge, resident herb and vegetable garden, Zen garden, pet spa, massage room, library, cyber lounge and a business center. The development will be reimbursed for improvements to the public infrastructure through a development agreement from the City of Houston and Tax Increment Zone 5. The Sovereign is slated for a March 2014 completion.
HARRAH, SHAWNEE AND OKLAHOMA CITY, OKLA. — Boston Capital has invested in the construction of three affordable housing developments in Oklahoma. The properties include the 29-unit Cedar Hollow in Harrah, the 32-unit Cottage Park-Shawnee in Shawnee and the 44-unit Cross Creek Landing in Oklahoma City. The developments will be built with tax credit equity from the Low Income Housing Tax Credit program. Oklahoma City-based The Carland Group partnered with Boston Capital on the construction investment, which is expected to generate $10.2 million in local income and create approximately 155 jobs.
LAFAYETTE, LA. — Juneau Construction Co. has completed the second phase of the $100 million Taft/Tulane and Rose Garden Housing replacement program for the University of Louisiana at Lafayette. Ambling University Development Group was the developer for the project, Ragin' Cajun Facilities owns the property and Niles Bolton Associates was the architect. Construction for Phases I and II included the demolition of five residence facilities, construction of four new residence halls, the repurpose of two existing residence halls, renovation of a historic residence hall and construction of a new parking structure. The project added 1,800 beds to the campus.
PIKESVILLE, MD. — Greysteel has arranged the $64.7 million sale of the 255-unit Residence at Waterstone, a multifamily property located at 225 Galvariun Court in Pikesville. Amenities include a resort-style swimming pool, theater/media room, fitness center, aerobics/yoga room, lighted tennis courts, library and business center. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Greysteel represented Pacific Urban Residential, the seller, in the transaction. KBS Legacy Partners was the buyer.
ATLANTA — Jones Lang LaSalle has negotiated the sale of the 269-unit Asbury Park, a multifamily community located at 3640 S. Fulton Ave. in Atlanta. The property is 96 percent leased. Amenities include a rooftop terrace, saltwater swimming pool, fitness center, conference and business centers and a gameroom with billiards, shuffleboard and a gourmet kitchen. Derrick Bloom and David Gutting of Jones Lang LaSalle represented Oxford Properties, the seller, in the transaction. An affiliate of Bell Apartment Fund IV was the buyer.
NEW YORK CITY — Beech Street Capital has arranged a $9.5 million Freddie Mac loan to refinance 184 Noll St., a recently constructed apartment building in Brooklyn. The 32-unit property includes a 16-space parking garage and a roof deck with views of Manhattan. The building is fully leased. Aaron Appel of Meridian Capital Group originated the seven-year loan, which includes a 30-year amortization schedule.
NEWARK, DEL. — NorthMarq Capital has arranged a $7.1 million loan for the refinancing of Southgate Apartments, an off-campus student housing property at 24 Marvin Dr. in Newark. The 150-unit building is located near the University of Delaware. Joseph Sweeney of NorthMarq negotiated the 10-year loan, which includes a 30-year amortization schedule, through Freddie Mac. The borrower is Southgate Realty Associates.
HOUSTON — HFF has arranged acquisition financing and joint venture equity for the 240-unit Timberstone Apartments, located at 4200 W. FM 1960 in Houston. The complex is 95 percent occupied and includes amenities such as barbeque grills, a pool, clubhouse and fitness center. Douglas Opalka, Matt Kafka and Robert Wooten of HFF arranged an acquisition loan through RGA Reinsurance Co. and joint venture equity through a private investor on behalf of the borrower, Commerce Capital Partners.