The Cloisters at Charles will unveil model homes

REAL ESTATE NOTES

July 26, 1992|By Edward Gunts | Edward Gunts,Staff Writer

A joint venture of Loyola Federal Savings Bank and Williamsburg Builders of Columbia has begun marketing residences at The Cloisters at Charles, a luxury town house development at Charles Street and Bellona Avenue.

The group will unveil models during a preview Wednesday from 11:30 a.m. to 2:30 p.m. at 6409 Cloisters Gate Drive.

A Loyola subsidiary, FSB Development Inc., took control of the 10-acre parcel last year after Loyola initiated foreclosure proceedings against the original developer, Faust Homes. At the time of the auction, only nine of the 48 houses were completed or under way. Since then, Loyola joined forces with Williamsburg come up with redesigned houses that are priced lower than Faust's. The group's plans call for construction of 39 houses ranging in price from $299,000 to $419,000. The group is also marketing two unsold Faust residences.

A 30-acre second parcel within the community was slated for construction of additional luxury town houses, also by Faust. Signet Bank subsequently foreclosed on the development team and resold the land for residential development to Mount Vernon Properties of Baltimore.

The sales center for the Williamsburg Homes is open from noon to 5 p.m. seven days a week. Carolyn Rosen is the sales manager.

Diamond Hills

Power Homes of Westminster and Mid-Atlantic Homes Inc. of Owings Mills will construct 49 new homes in Westminster's newest residential community, Diamond Hills. Construction is expected to begin later this summer. Sales will be handled by the New Homes Marketing Group.

The 129-acre Diamond Hills parcel has 210 homes and is on Gist Road next to the neighborhood of Winchester Park, just off Route 97 near Carroll County General Hospital. Multi-Properties Inc. serves as development manager for Law Farm Limited Partnership, the owner of the tract. Gray & Son Inc. is the utility contractor and KCI Technologies Inc. is the project engineer.

Metropolitan Council

The Baltimore Metropolitan Council, a newly created, non-profit regional planning agency, has appointed Charles Krautler to serve as its first executive director.

An Arnold resident with 20 years of experience in public affairs management and economic development in the Baltimore-Washington region, Mr. Krautler most recently served as executive vice president of the Maryland Chamber and Economic Development Associates. From 1981 to 1991, he was vice president in charge of public affairs for the Maryland Chamber of Commerce.

Located at 601 N. Howard St., the council was created by the Maryland General Assembly to replace the Baltimore Regional Council of Governments, covering Baltimore City and Anne Arundel, Baltimore, Carroll, Harford and Howard counties.

Reverse mortgages

Maryland Mortgage Funding Inc. of Baltimore has formed a partnership with Capital Holding Corp. of Louisville to offer reverse mortgages to senior citizens in the area.

Reverse mortgages allow people to borrow on the equity in their homes with no obligation to repay the loan for as long as they live there. A reverse mortgage works like a traditional mortgage in reverse, in that the lender sends monthly payments to homeowners based on their age and home value.

Capital Holding's Homearnings Reverse Mortgage is available to homeowners 62 or older with homes that have a "lending value" of more than $75,000. Information about the program is available from Capital Holdings at (800) 677-1895.

Around the region

* Coursey Station, a $2.5 million, 49-unit housing complex for the elderly at 200 First Ave. in Lansdowne, was dedicated July 14 and is fully occupied. Associated Catholic Charities developed the project under the federal government's Section 202 program. Cochran, Stephenson & Donkervoet was the architect, and Harkins Builders was the builder.

* O'Conor, Piper & Flynn Realtors recently merged with Century 21 Inner Harbor Realty in Canton, gaining 15 sales associates. The former Century 21 office will be managed by Linda Morgan, who also manages O'Conor, Piper and Flynn offices in Federal Hill and Fells Point. Edmund Chase and Thomas Rybczynski, former principals of Century 21, will be assistant managers.

* Charlene Pitera and Chuck von Nordeck have joined Century 21 Rohe & Rohe Associates Inc. of Perry Hall/White Marsh as sales associates.

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