OCEAN CITY, MD. — Cronheim Hotel Capital (CHC) and GEM Equity Markets (GEM) have arranged a $20.8 million construction loan for Cambria Resorts & Conference Center, a 133-room hotel that will be constructed on North First Street in Ocean City. CHC and GEM arranged the two-year loan through a consortium of Maryland-based credit unions on behalf of the developer, a joint venture between Ocean City-based Pinnacle Hospitality Solutions and Philadelphia-based The Wankawala Organization...
BALTIMORE — Dallas-based TIER REIT has sold 500 East Pratt, a 280,000-square-foot office building in Baltimore, for $60 million. Boca Raton, Fla.-based Morning Calm Management acquired the 13-story building, according to the Baltimore Sun. The building was constructed in 2005 and was 93 percent leased at the time of sale to tenants such as CohnReznick LLP, Saul Ewing, Deloitte, JLL, UBS and McGuire Woods. The sale marks TIER REIT’s exit from the Baltimore market, and reduces the number of..
BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The..
HYATTSVILLE, MD. — Dubai-based Safanad Limited, in partnership with Miami-based Vie Holdings, has acquired The Towers at University Town Center, a student housing community in Hyattsville, for $69.5 million. The name of the seller was not disclosed. The community is located roughly seven miles northeast of Washington, D.C., and caters to students attending Howard University, the University of Maryland and other colleges and universities in the metro D.C. area. The new ownership will invest..
HALETHORPE, MD. — Ready Capital Structured Finance has closed a $14 million loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property located at 2209 Sulphur Spring Road in Halethorpe, roughly seven miles south of Baltimore. The name of the borrower was not disclosed. The 36-month, non-recourse, floating-rate loan features two extension options and flexible prepayment. The borrower plans to fully renovate interiors, as well as upgrade the..
HALETHORPE, MD. AND MIAMI — Ready Capital Structured Finance has arranged two loans totaling $20.4 million for an industrial property in Halethorpe and a mixed-use property in Miami. Ready Capital arranged a $14 million, three-year loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property in Halethorpe, a city roughly seven miles south of Baltimore. The borrower plans to upgrade the property with full interior unit renovations, exterior renovations..
COLUMBIA, MD. — Avison Young has arranged the sale of an 84,025-square-foot office building located at 6350 Stevens Forest Road in Columbia, roughly 20 miles southwest of Baltimore. The sales price was not disclosed, but sources familiar with the transaction report the building sold for $10.6 million. Chip Ryan, Jim Kornick and Bob Wrighton of Avison Young arranged the transaction on behalf of the seller, New Boston Fund. Pratt Street Capital acquired the asset. Johns Hopkins Community..
BOWIE, MD. — Neuman Commercial Group LLC has arranged the $21 million sale of The Shoppes at Bowie Town Center, a 104,000-square-foot retail center in Bowie, a suburb 18 miles east of Washington, D.C. Gil Neuman of Neuman Commercial Group arranged the transaction on behalf of the seller, Shoppes at Bowie Town Center LLC, and procured the buyer, J.A.R. New York RLT. The center was 98 percent leased at the time of sale to 12 tenants including Five Below, Party City, Goodwill, Bank of America,..
FULTON, MD. — Capitol Seniors Housing has broken ground on Arbor Terrace Maple Lawn, an assisted living and memory care community in Fulton, approximately midway between Baltimore and Washington, D.C. The $27.5 million, 73,000-square-foot community will feature 86 apartments. Baltimore-based BCT Architects designed the structure, while Dallas-based Faulkner Design Group designed the interiors. The Arbor Co. will operate the community upon completion, which is scheduled for fourth-quarter..
DISTRICT HEIGHTS, MD. — ARA Newmark has arranged the $131 million sale of The Avanti, a 930-unit multifamily community in District Heights, roughly 11 miles southeast of Washington, D.C. Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA Newmark arranged the transaction on behalf of the seller, Suitland Park LLC, an entity comprising Dragone Realty Investments and PCCP LLC. GMF Capital acquired the asset, and Dragone Realty elected to retain its ownership stake in the..