WASHINGTON, D.C. — Cushman & Wakefield has arranged a $56.6 million loan to refinance The Ellington, a 190-unit luxury multifamily property located at 1301 U St. in Washington, D.C. John Alascio, Alex Hernandez, Marshall Scallan, Meredith Crawford and Will Wohlgemuth of Cushman & Wakefield secured the financing through New York Life Investors on behalf of the borrower, an affiliate of Atlanta-based Jamestown LP. Spanning nine stories tall, The Ellington comprises a mix of one- and two-bedroom apartments. Amenities include a fitness center, yoga studio, recreation room, coworking lounge, rooftop dog park, pet wash station, landscaped rooftop terrace and bike storage, along with 192 parking spaces. The site also includes more than 16,000 square feet of retail space, which is currently 93 percent leased to tenants including Street Markets, Roaming Rooster, 354 Restaurant and Eatopia Eatery. Since acquiring the property in 2018, Jamestown has invested more than $10.7 million in capital improvements, including upgrades to unit interiors, common areas and building systems.
WASHINGTON, D.C. — Multifamily developers and construction firms surveyed by the NMHC are optimistic about long-term multifamily construction conditions. According to results of the June 2026 NMHC Quarterly Survey of Apartment Construction & Development Activity, 46 percent of respondents expect conditions to improve (or easier to build) over the next six to 12 months compared to 14 percent of survey takers who expect conditions to worsen. The rest of the respondents either chose conditions to remain the same (35 percent) or “don’t know” (5 percent). The optimism from the second-quarter survey could be in part due to the availability of financing. Fifty-one percent of survey takers expect equity to become more available (compared to 10 percent expecting equity to become less available) over the next six to 12 months, and 28 percent expecting debt financing to become more available (compared to 7 percent expecting debt financing to become less available). While the survey takers were overall hopeful, they are wary of rising construction costs. A majority of respondents (51 percent) expect material costs to rise in line with inflation over the next six to 12 months, while 27 percent expect material costs to increase faster than the rate of inflation. …
WASHINGTON, D.C. — The U.S. economy added 57,000 jobs in June, according to the U.S. Bureau of Labor Statistics (BLS). The figure is in line with the +36,000 monthly jobs added on average over the past 12 months but well short of May’s job total — which the BLS downwardly revised from 172,000 to 129,000 — as well as the 115,000 jobs forecasted by Dow Jones economists, according to CNBC. The BLS also revised April’s job gains from 179,000 to 148,000, making the employment in April and May combined 74,000 fewer jobs than previously reported. Additionally, the U.S. unemployment rate fell to 4.2 percent. Among employment sectors, professional and business services added the most net new jobs in June (+36,000). The industry has added 172,000 jobs since a recent low in October 2025, according to the BLS. Social assistance added 25,000 jobs in June, which is above its monthly average of 16,000 jobs over the past 12 months, while healthcare continued to add jobs (+22,000) but at a slower clip than its 12-month average (+38,000). Leisure and hospitality employment declined by 61,000 in June, which the BLS attributes to “weaker than usual seasonal hiring” in the sector. Employment showed little …
WASHINGTON, D.C. — PCCP has provided a $61.3 million loan to refinance Parc Riverside East, a 287-unit luxury apartment community located in the Navy Yard neighborhood of Washington, D.C. PGIM and Kennedy Wilson were the borrowers. Built in 2014, Parc Riverside East spans 13 stories and features a range of floorplans including studio, one-bedroom and two-bedroom configurations. Amenities at the property include a fitness center; rooftop swimming pool with sun decks and panoramic views; courtyard spaces with lounge seating; fire pits; grills; bocce courts; a clubroom with private dining and an entertainment kitchen; a pet salon; and a lobby.
WASHINGTON, D.C. — The U.S. General Services Administration (GSA), the real estate operations arm of the federal government, has sold the Old Post Office building and former Trump hotel at 1100 Pennsylvania Ave. in Washington, D.C. The building currently operates as a 263-key Waldorf Astoria hotel. Bank BDT & MSD, the owner of the leasehold, acquired the property for $80 million, according to The Wall Street Journal. According to the GSA, the sale is part of an ongoing effort to eliminate costly properties from its asset portfolio. The GSA also recently sold the former Estes Kefauver Federal Building parking garage site in Nashville for $52 million. According to the administration, the Old Post Office Building cost taxpayers approximately $6 million per year prior to 2013, when it was converted into a hotel by the Trump Organization. Since then, the property has received more than $250 million in private-sector investment. “The GSA remains committed to solving long-term problems that exist in the federal portfolio of assets, reducing waste and delivering long-term value to the American people,” the GSA said in a press release. The Old Post Office features the renown 315-foot clock tower, which houses the Bells of Congress, and is the …
WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 172,000 jobs in May, according to the U.S. Bureau of Labor Statistics (BLS). The figure shows a slight decrease from the upwardly revised 179,000 in April, and far above the 80,000 figure expected by Dow Jones economists, according to CNBC. The unemployment rate, which sits at 4.3 percent, changed little in May. In addition, March’s number increased by 29,000, raising the total to 214,000, while April revisions increased by 64,000, lifting the final figure to 179,000. With these revisions, employment in March and April combined is 93,000 higher than previously reported. Job gains mostly occurred in leisure and hospitality, local government and healthcare. Leisure and hospitality led the way adding 70,000 jobs, well above the average monthly gain of 14,000 over the past 12 months. Food services and drinking places added 48,000 jobs. Local government employment grew by 55,000 jobs, excluding education (+44,000). The healthcare sector added 35,000 jobs in May, including gains in ambulatory health services (+26,000), home health services (+11,000) and hospitals (+6,000). Social assistance employment continued to trend upward in May (+12,000), mostly in individual and family services (+10,000). Over the past 12 months, social assistance …
WASHINGTON, D.C. — Berkadia has secured $37.6 million in C-PACE (Commercial Property-Assessed Clean Energy) financing for 1201 Sycamore, a trophy outpatient medical and community services facility located in Washington, D.C.’s Congress Heights neighborhood. The 117,075-square-foot medical facility was completed in 2023 and is leased to firms including Whitman-Walker Health and Whitman-Walker Clinic. J Street Cos. manages the property. Brian Gould, Natalie Hershey, Patrick McGlohn, Patrick Cunningham and Hunter Wood of Berkadia arranged the 28-year loan through Nuveen Green Capital on behalf of the locally based borrowers, Redbrick LMD and Gragg Cardona Souadi. The financing supports the property’s energy efficiency, water conservation and resiliency components. DC Green Bank is the administrator of the DC PACE program.
WASHINGTON, D.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $27 million in financing for the acquisition of The Pinnacle, a newly constructed, 115-unit luxury apartment complex located in the NoMa district of Washington, D.C. Max Hulsh of IPA arranged the loan through Prime Finance on behalf of the borrower, New York City-based July Residential Group, a multifamily investment and management firm. IPA also arranged an undisclosed amount of joint venture equity for the acquisition through an unnamed capital partner. The Pinnacle offers studios and one- to four-bedroom apartments ranging in size from 398 to 1,779 square feet. Amenities include a fitness center, clubhouse, lounge, business center and a rooftop terrace, as well as bike storage and concierge services, according to Apartments.com. Monthly rental rates begin at $1,700.
WASHINGTON, D.C. — BXP, an office REIT based in Boston, has completed the $25 million renovation of 901 New York Avenue, a 542,000-square-foot office building in Washington, D.C.’s East End submarket. The renovation included a new lobby, fitness center, conference center and a rooftop terrace. The design-build team included Sasaki (architect) and HITT Contracting (construction). The investment included a partnership with Finnegan, Henderson, Farabow, Garrett & Dunner LLP, which extended its 214,000-square-foot lease across eight full floors at the building in January 2024. The law firm is establishing a presence in the lobby and recently delivered a sky garden to promote wellness for tenants. Additionally, BXP executed 41,000 square feet of new leases at 901 New York Avenue since the renovation’s completion.
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MBA: Commercial, Multifamily Borrowing Increased 52 Percent in First-Quarter 2026
WASHINGTON, D.C. — Commercial and multifamily mortgage loan originations were 52 percent higher in the first quarter of 2026 compared to first-quarter 2025, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. First-quarter production falls in line with the organization’s 2026 forecast made in February that commercial and multifamily loan originations this year would increase by 27 percent compared to 2025. Among capital sources, the dollar volume of loans originated for investor-driven lenders increased by 133 percent year-over-year in the first quarter. There was also an 80 percent increase in loans for depositories (i.e. banks and credit unions); a 38 percent increase in government-sponsored enterprises (i.e. Fannie Mae and Freddie Mac); and a 9 percent increase in life company loans. There was also a14 percent decline in commercial mortgage-backed securities (CMBS) loans compared to a year ago. “The most notable increase was the 80 percent rise in depository lending, driven in part by the large volume of bank-held loans maturing this year and the need to refinance those positions,” says Reggie Booker, MBA’s associate vice president of commercial research. “The slowdown [from fourth-quarter 2025] is consistent with typical first-quarter seasonality and does not detract from …
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