Friday, July 26, 2024
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AcquisitionsDistrict of ColumbiaHospitalityLoansSoutheast

Cronheim Hotel Capital Arranges $42.3M Acquisition Loan for Cambria Hotel in Downtown DC

by John Nelson

WASHINGTON, D.C. — Cronheim Hotel Capital has arranged a $42.3 million acquisition loan for Cambria Hotel Washington, D.C. Convention Center, a 182-room hotel located at 899 O St. NW in downtown D.C. Built in 2014 by Concord Hospitality, the hotel is situated with a half-mile of the Walter E. Washington Convention Center and features a rooftop gathering area. The borrower, locally based Frontier Development & Hospitality Group, plans to overhaul the hotel and rebrand it to the Hyatt House flag. Other details of the renovation and loan underwriting were not disclosed.

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Affordable HousingDistrict of ColumbiaMultifamilySoutheast

Multifamily Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by John Nelson

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units. If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or rehabilitation. Failing to hit the 5 percent cap, owners would lose out on what’s known as “faster deprecation” write-offs. According to Investopedia, property owners can deduct market value loss and the costs of buying and improving a property from their taxes. Most multifamily industry leaders are against rent control for several reasons but chiefly because they say such measures reduce the incentive to build more housing or to renovate and improve existing properties. Ahead of the White House’s announcement, which was released this morning, numerous public policy groups spoke out against the proposal. “This legislative proposal will not create a single new unit while raising costs on the very residents …

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DevelopmentDistrict of ColumbiaMultifamilySoutheast

Fivesquares, Aimco Open Two Residential Buildings in North Bethesda, Maryland

by John Nelson

NORTH BETHESDA, MD. — Fivesquares Development and Apartment Investment and Management Co. (Aimco) have opened two multifamily residential buildings in North Bethesda, roughly 13 miles outside downtown Washington, D.C. Dubbed Ravel and Royale, the properties are located at 10511 Strathmore Hall St., adjacent to the Strathmore Music Center, Rock Creek Park and a Washington Metropolitan Area Transit Authority (Metro) station. Ravel and Royale mark the first residential buildings to be delivered at Strathmore Square, a master-planned transit-oriented development that will total 2.2 million square feet upon completion. Ravel, named for French composer and pianist Maurice Ravel, comprises 49 units across nine stories, with two- and three-bedroom layouts. Amenities at the property include 24-hour concierge service. Royale spans 10 stories and features 171 units in one-, two- and three-bedroom layouts. Amenities at the building include workspaces, a fitness center, yoga studio, pool, rooftop deck and a pet spa. The two buildings are also connected by a central courtyard with lounge areas and a firepit. Residents will also have access to bike storage, commercial washers and dryers, high-speed elevators and an onsite property management team.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

US Representatives Propose Bipartisan Bill to Address Housing Crisis

by John Nelson

WASHINGTON, D.C. — U.S. Reps. Mike Carey (R-Ohio) and Jimmy Gomez (D-Calif.) have proposed a bill to address the housing crisis in the United States. Dubbed the Revitalizing Downtowns and Main Streets Act, the bill would include a 20 percent tax credit for expenses attendant upon converting certain underutilized or vacant commercial property older than 20 years for residential use. Additionally, the legislation includes a stipulation that 20 percent of the converted residential units be designated for residents earning at or below 80 percent of the area median income (AMI), as well as incentives for rural and economically distressed areas and the ability to combine existing historic tax credits and other state and municipality incentives. NAIOP (National Association for Industrial and Office Parks) commended the proposed legislation, with president and CEO Marc Selvitelli stating that it “will spur the conversion of vacant spaces that can stimulate local economies and begin to address the housing crisis in communities across the United States.”

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AcquisitionsDevelopmentDistrict of ColumbiaMultifamilySoutheastStudent Housing

Joint Venture Acquires Boathouse Apartments in DC for $67.5M, Plans to Reposition for Student Housing

by John Nelson

WASHINGTON, D.C. — A joint venture between Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings has purchased Boathouse, a 250-unit multifamily community located at 2601 Virginia Ave. NW in Washington, D.C.’s Foggy Bottom neighborhood. An undisclosed seller sold the property for $67.5 million. The new ownership is embarking on a redevelopment plan to convert and rebrand Boathouse to off-campus housing for students, faculty and staff for nearby George Washington University. Planned renovations to the 10-story property include updated amenities, common areas and fully furnishing all 250 units. The property, which features retail space and two levels of underground parking, was recently renovated by the previous ownership.

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District of ColumbiaSoutheast

BLS Reports US Economy Adds 206,000 Jobs in June, Revises April and May Down Significantly

by John Nelson

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 206,000 jobs in June, according to the U.S. Bureau of Labor Statistics (BLS). This figure slightly surpasses the expectations of Dow Jones economists, which predicted an increase of 200,000, according to CNBC. The number does, however, fall below that of May, which the BLS revised down to 218,000 jobs. The BLS also significantly revised the employment gains for April, from 165,000 jobs to 108,000. Combined, the BLS revised the prior two months down by a combined 111,000 jobs. Government employment increased by 70,000 jobs in June, higher than the average monthly gain of 49,000 over the prior 12 months. Other sectors with noteworthy gains included healthcare (49,000 jobs), social assistance (34,000) and construction (27,000). Other major industries saw little change. Employment in professional and business services fell by 17,000 jobs month-over-month, led by losses in temporary services, a subcategory that has tumbled by 515,000 jobs since March 2022. The unemployment rate in June increased slightly, reaching 4.1 percent. This marks the highest level since October 2021. According to CNBC, forecasts had called for the rate to hold steady at 4 percent.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

NRP Group, Marshall Heights Break Ground on 115-Unit Affordable Housing Project in DC

by John Nelson

WASHINGTON, D.C. — A partnership between The NRP Group and Marshall Heights Community Development Organization Inc. (MHCDO) has broken ground on Emblem, a 115-unit affordable housing community located at 301 Florida Ave. NE in Washington, D.C. Situated in the District’s NoMa and Union Market neighborhoods, the property will be reserved for households earning up to 30 and 50 percent of the area median income (AMI). Residents of Emblem will be within walking distance of a Metro station, two bus lines, the Metropolitan Branch Trail and Union Market District. The 13-story, flatiron building will feature a dedicated toddler playroom, bike storage room and a multi-purpose community room. NRP Group and MHCDO plan to break ground this year and deliver Emblem in 2026. Financial partners for the project include DC Housing Finance Agency (DCHFA), Department of Housing and Community Development (DHCD), DC Housing Authority (DCHA), DC Green Bank and Bank of America.

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AcquisitionsDistrict of ColumbiaLoansRetailSoutheast

Gantry Arranges $22.3M Acquisition Financing for Target-Anchored Shopping Center in DC

by John Nelson

WASHINGTON, D.C. — Gantry has arranged a $22.3 million acquisition loan for Cityline at Tenley, a Target-anchored shopping center located at 4500 Wisconsin Ave. NW in Washington, D.C.’s Tenleytown neighborhood. The center is part of a mixed-use development that also features 204 condominiums. Other retail tenants at the 89,000-square-foot retail property include Ace Hardware and Bank of America. Cityline at Tenley is situated above a Metro station near American University and across Wisconsin Avenue from a Whole Foods Market grocery store, Wawa and Chick-fil-A. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the fixed-rate financing through a life insurance company on behalf of the borrower, Lincoln Property Co. The loan features a seven-year term with five years of interest-only payments followed by a 30-year amortization schedule.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

AHC, Hoffman & Associates Open 449-Unit Mixed-Income Apartments in Southwest DC

by John Nelson

WASHINGTON, D.C. — Affordable Homes & Communities (AHC) and Hoffman & Associates have opened The Westerly, a 449-unit apartment community in southwest Washington, D.C. The mixed-income property features apartments in studio, one- and two-bedroom layouts, including 136 units that are evenly split with income restrictions set at 30 and 50 percent of the area median income (AMI). The property is situated less than one block from the Waterfront Station Green Line Metro station and three blocks from The Wharf, a multibillion-dollar mixed-use development co-developed by Hoffman & Associates. Designed by Torti Gallas + Partners, The Westerly features a façade with cascading balconies and landscapes by Michael Vergason. The property also includes 20,000 square feet of amenities, including a rooftop pool deck, outdoor courtyard with a fire pit, entertainment lounges, fitness center, coworking and meeting spaces and a lobby lounge. The Westerly also houses 29,000 square feet of retail space leased to Good Company Doughnut Café, GoodVets and AppleTree Public Charter School. AHC and Hoffman funded the project using a market-rate equity investment with both 4 percent and 9 percent Low-Income Housing Tax Credits (LIHTC). Partners in the development included development partners CityPartners and Paramount Development; capital partners Grosvenor Americas, Merchants …

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AcquisitionsAffordable HousingDevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

NewPoint-Sponsored Fund Provides $13.3M Bond Financing for Affordable Housing Rehab in Southeast D.C.

by John Nelson

WASHINGTON, D.C. — NewPoint Real Estate Capital’s NewPoint Impact Fund I has provided $13.3 million in 501(c)(3) bond financing for Ridgecrest Apartments Phase II, a 128-unit affordable housing community in southeast Washington, D.C.’s Anacostia submarket. The New York-based borrower, The NHP Foundation, will use the funds to acquire, rehabilitate and recapitalize the community. Bryan Dickson of NewPoint arranged and structured the tax-exempt construction-to-permanent phased bond financing. Other capital partners in the development include DC Green Bank, the Office of the Deputy Mayor for Planning and Economic Development, DC Department of Housing and Community Development (DCHD) and the District of Columbia Housing Authority. The new financing will be combined with $29.2 million in soft debt and grants from the DCHD. Ridgecrest Phase II was previously operated as part of the larger Ridgecrest Village, a 1951-built development that NHPF purchased in 2019. After recapitalization, 20 percent of the Phase II units will be restricted at 30 percent of the area median income (AMI) to serve as permanent supportive housing. The remaining 80 percent of units will be restricted at 50, 60 and 80 percent of AMI. The garden-style apartment community features a mix of two- and three-bedroom units ranging in size from …

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