REBusinessOnline

District of Columbia

ING Capital Leads $110M Refinancing of 310-Unit Multifamily, Retail Asset in D.C.

WASHINGTON, D.C. — ING Capital LLC has led the $110 million refinancing of Atlantic Plumbing, a 310-unit multifamily and retail property located at the intersection of 8th and V streets in Washington, D.C. BMO Harris Bank joined ING as a co-lender in the financing on behalf of the borrower, JBG Smith, a publicly traded REIT based in Chevy Chase, Md. Architect Morris Adjmi designed the 10-story, Class A building. The retail portion of the property is leased to tenants including Landmark..

November 9, 2017

MBA: Multifamily Lending Up 8 Percent in 2016

WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA's vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this..

October 20, 2017

Allianz, Columbia Acquire Office Building in D.C. for $421M

WASHINGTON, D.C. — A joint venture between Allianz Real Estate of America Inc. and Columbia Property Trust has acquired 1800 M Street, a 580,930-square-foot office building in Washington, D.C. CoStar reports PGIM Real Estate, an affiliate of Prudential Financial, sold the asset. Andrew Weir, Jim Meisel, Stephen Conley and Matt Nicholson of HFF represented PGIM Real Estate in the transaction and procured the buyer. Columbia acquired a 55 percent interest, and will manage the property and..

October 12, 2017

KeyBank Secures $115M in Permanent Financing for Office Building in D.C.

WASHINGTON, D.C. — KeyBank Real Estate Capital has arranged $115 million in permanent financing for 1111 19th St. N.W., a recently renovated office building in Washington, D.C. Michael Keach and Hugh Hall of KeyBank arranged the seven-year loan through New York Life Real Estate Investors on behalf of the borrower, UNIZO Holdings. The Japanese investment firm originally acquired the asset from Clarion Partners in September for $203 million. The 12-story building features a renovated lobby..

October 11, 2017

DivcoWest Acquires Office Building in D.C. for $100.5M

WASHINGTON, D.C. — DivcoWest has acquired 1133 15th St. N.W., a 213,000-square-foot office building located on the border of the Central Business District and East End submarkets of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports DivcoWest acquired the asset from an affiliate of Clark Enterprises for $100.5 million. The 12-story building is across the street from Midtown Center, the future headquarters of Fannie Mae, and was 90 percent leased at..

October 11, 2017

Madison Marquette, PN Hoffman to Open Phase I of $2.3B Mixed-Use Project in Washington, D.C.

WASHINGTON, D.C. — Co-developers Madison Marquette and PN Hoffman will open The Wharf on Oct. 12 in Washington, D.C. Phase I of the $2.3 billion project will deliver two office buildings, two apartment towers, two luxury condominium buildings and three hotels, as well as restaurants and retail space. The Wharf is a mixed-use waterfront community that stretches across 24 acres of land and more than 50 acres of water. The development features 3.5 million square feet of new residential,..

September 29, 2017

Akridge, Stars Investments Break Ground on Office Transformation in D.C.

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..

September 15, 2017

Phillips Realty Capital Arranges $61.5M in Construction Financing for Apartment Asset in D.C.

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...

September 6, 2017

Five New Tenants Join 430,000 SF Shopping Center in D.C.

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...

August 31, 2017

Greysteel Brokers $34M Sale of Two-Property Multifamily Portfolio in D.C.

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..

August 29, 2017