WASHINGTON, D.C. — Phillips Realty Capital has arranged $61.5 million in financing for the development of 1401 Penn, a Class A apartment development located at 1401 Pennsylvania Ave. S.E. in Washington, D.C. The financing package included a $44.5 million construction loan through EagleBank and $17 million in preferred equity through EB5 Capital. Phillips Realty Capital arranged both components of the financing package on behalf of the developers, CAS Riegler Cos. and May Development...
District of Columbia
WASHINGTON, D.C. — Akridge, in partnership with Stars Investments, has broken ground on 1101 Sixteenth Street, an office redevelopment project that will transform two office buildings in Washington, D.C. Designed by HOK, 1101 Sixteenth will convert the buildings at 1101 and 1111 Sixteenth St. into one freestanding, 100,000-square-foot office building. The two buildings previously housed the American Association of University Women and the American Beverage Association. The redeveloped..
WASHINGTON, D.C. — Trammell Crow Co. (TCC), along with Fort Lincoln New Town Corp. and CSG Urban Partners, have signed five new tenants at the Shops at Dakota Crossing, a 430,000-square-foot retail center located at 2438 Market St. N.E. in Washington, D.C. Chick-fil-A, Mecho’s, Dominican Kitchen, Jersey Mike’s and the Transit Employees Federal Credit Union signed long-term leases at the center, bringing total occupancy to 91 percent. The retailers are expected to open later this year...
WASHINGTON, D.C. — Greysteel has arranged the $34 million sale of two apartment communities in the Capitol Hill neighborhood of Washington, D.C. — Capitol East Apartments, a 120-unit community located at 518 9th Street. N.E., and Lexington Apartments, a 48-unit property located at 816 E. Street N.E. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox and Herbert Schwat of Greysteel brokered the transaction. Akelius Residential, an international multifamily operator, acquired the properties from..
WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $165 million in permanent financing for two office buildings in Washington, D.C. Known as The Executive Building, the 332,000-square-foot office building located at 1030 15th St. Northwest features 12 office floors and three ground-level retail spaces. The 11th and 12th floors include outdoor corner balconies. The Colorado Building, located at 1341 G St. Northwest, features 121,701 square feet. The building features..
WASHINGTON, D.C. — An investment group led by Ocean West Capital Partners and Hana Asset Management Co. Ltd. has purchased Two Independence Square in Washington, D.C. The seller, Piedmont Office Realty Trust (NYSE: PDM), has invested roughly $50 million to renovate the building. Constructed in 1992 as the headquarters for NASA, the nine-story, 606,000-square-foot property is located at 300 E St. S.W., about three blocks off the National Mall in Washington’s Southwest submarket. Two..
WASHINGTON, D.C. — Trammell Crow Co. (TCC), in partnership with Meadow Partners, has acquired an 80 percent condominium interest in the Motion Picture Association of America (MPAA) Building in Washington, D.C. Located at 888 16th St., the building sits adjacent to the Hay Adams Hotel and one block from the White House. TCC plans to transform the 50-year old property into a 150,000-square-foot office building featuring a rooftop lounge, fitness center and a terrace with views of the Washington..
WASHINGTON, D.C. — Oxford Properties Group, in a joint venture with Norway-based-Norges Bank Real Estate Management, has acquired two office towers in Washington, D.C. — 900 16th Street N.W. and 1101 New York Avenue N.W. The nine-story, 122,000-square-foot 900 16th Street is LEED Gold-certified and features an outdoor terrace, fitness center and underground parking. The property, sold by The JBG Cos. and ICG Properties LLC, was 75 percent leased at the time of sale. The 12-story 1101 New..
WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) has projected that commercial and multifamily originations will decline in 2017, ending the year at $478 billion—3 percent lower than volumes in 2016. For 2017, mortgage banker originations of just multifamily mortgages are forecast at $206 billion, with total multifamily lending at $245 billion. "Markets continue to move forward, but the rapid increases in property values, transaction volumes and other fundamentals that..
BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent..