REBusinessOnline

CIM Group Purchases Newly Constructed, 319-Unit Apartment Community in D.C.

WASHINGTON, D.C. — CIM Group has acquired Trellis House, a newly constructed, 319-unit apartment community located at 907 Barry Place N.W. in Washington, D.C., for an undisclosed price. Gateway Investment Partners and RISE: A Real Estate Co., completed construction on the six-story community earlier this year, according to local media reports. The LEED-certified building includes a mix of studio to two-bedroom units, as well as townhomes. Community amenities include a 12,000-square-foot …

Paramount to Sell 208,776 SF Office Building in Washington D.C. for $220M

WASHINGTON, D.C. — New York-based real estate investment trust Paramount Group has agreed to sell 2099 Pennsylvania Ave., a 12-story, 208,776-square-foot office building in Washington, D.C. for $220 million. The buyer is undisclosed. Designed by architectural firm Pei Cobb Freed & Partners, the building is situated in the heart of the nation’s capital, within walking distance of the White House, U.S. Treasury and Executive Office Building. The floor-to-ceiling glass façade and …

HFF Brokers $415M Sale of Riverfront Mixed-Use Project in D.C.’s Georgetown District

WASHINGTON, D.C. — HFF has brokered the $415 million sale of Washington Harbour, a 562,105-square-foot mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket. Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker of HFF represented the seller, Principal Real Estate Investors (PREI), on behalf of a consortium of South Korean-based investors. Simone Investment and Hana Alternative Asset Management acted as the managing members of the …

Madison Marquette Relocates 26,000 SF Headquarters to The Wharf Mixed-Use Project in D.C.

WASHINGTON, D.C. — The recently merged operation of Madison Marquette and PMRG has moved its headquarters to 1000 Maine, the trophy office building of The Wharf. Madison Marquette, which is co-developing the 2.2 million-square-foot, waterfront mixed-use project, merged operations with PMRG in June. The combined company will occupy 26,000 square feet at 1000 Maine, which features a soaring lobby and waterside atrium, fitness facility overlooking the water and a 10,000-square-foot rooftop …

Fannie Mae Appoints New President, Chief Financial Officer

WASHINGTON, D.C. — Fannie Mae has appointed David Benson as president and promoted Celeste Brown to executive vice president and chief financial officer (CFO). Both appointments are effective August 6. In conjunction with the promotions, the agency also announced that its CEO, Timothy Mayopoulos, will step down by the end of the year. Benson joined Fannie Mae in 2002 and for the past five years served as executive vice president and CFO. As president, Benson will report to the CEO and …

FRP Development Sells 40-Property Warehouse Portfolio in Baltimore-D.C. Corridor to Blackstone for $347.2M

BALTIMORE — FRP Development Corp., a Baltimore-based development and investment company, has sold 40 industrial warehouse properties and three adjacent land parcels in the Baltimore-Washington corridor for $347.2 million. Blackstone Real Estate Partners acquired the assets. Another warehouse property in the portfolio was sold to its current tenants for $11.7 million. The sale of the portfolio will allow FRP to focus on its development pipeline in the metropolitan region, according to …

Natixis Provides $52.8M Refinancing for Office Building in D.C.’s East End

WASHINGTON, D.C. — Natixis has provided a $52.8 million loan for the refinancing and lease-up of 1000 F Street N.W., a 93,465-square-foot office building in Washington, D.C.’s East End submarket. The loan was provided on behalf of the building developer and owner, Douglas Development Corp., which completed construction on the property in 2016. The D.C.-based developer will use the loan to refinance an existing construction loan and fund tenant improvements to continue leasing the property. …

Cushman & Wakefield Arranges $95M Construction Loan for Office Building in D.C.

WASHINGTON, D.C. — Cushman & Wakefield has arranged a $95 million construction loan for 1050 17th Street, a 154,000-square-foot office building that will be located in Washington, D.C.’s central business district. Currently occupying the site is a 145,000-square-foot office building that was developed in the mid-1970s and will be demolished. The new property will be developed on a speculative basis, with construction slated to begin later this year. A timeline for completion was not …

Cushman & Wakefield Arranges $174M in Acquisition Financing for Multifamily Portfolio in Maryland, Virginia

WASHINGTON, D.C. — Cushman & Wakefield has arranged $174 million in financing for the acquisition of a 13-property multifamily portfolio located throughout Maryland and Virginia. Philip Mudd and Brad Geiger of Cushman & Wakefield’s Washington, D.C., office arranged 13 separate loans, each with 15-year terms, on behalf of the borrower, Kay Management. PGIM Real Estate Finance provided the fixed-rate loans through Fannie Mae. The portfolio totals 5,007 units and includes: Londonderry …

Joint Venture Breaks Ground on Historic School Renovation Project, Adjacent Office Building in D.C.

WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a …

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