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Cushman & Wakefield Arranges $56.6M Refinancing of Luxury Multifamily Community in D.C.

Abby Cox — Fri, 17 Jul 2026 13:25:36 +0000

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.

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NMHC Survey: Builders, Developers Optimistic About Long-Term Multifamily Construction Activity

John Nelson — Thu, 09 Jul 2026 13:58:13 +0000

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.…

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BLS: U.S. Economy Adds 57,000 Jobs in June, Falling Short of Expectations

John Nelson — Mon, 06 Jul 2026 14:24:14 +0000

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…

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PCCP Provides $61.3M Loan to Refinance 287-Unit Apartment Community in Washington, D.C.

Abby Cox — Thu, 02 Jul 2026 12:32:00 +0000

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.

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U.S. Government Sells Historic Old Post Office Building, Former Trump Hotel in D.C.

John Nelson — Thu, 11 Jun 2026 12:00:00 +0000

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…

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BLS: U.S. Economy Adds 172,000 Jobs in May

Abby Cox — Fri, 05 Jun 2026 14:07:16 +0000

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…

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Berkadia Secures $37.6M C-PACE Loan for Outpatient Medical Facility in D.C.

Abby Cox — Fri, 05 Jun 2026 14:03:03 +0000

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.

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IPA Arranges $27M Acquisition Loan for Apartment Community in D.C’s NoMa District

Abby Cox — Fri, 29 May 2026 13:15:13 +0000

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.

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BXP Completes $25M Renovation of D.C. Office Building

John Nelson — Tue, 12 May 2026 12:10:00 +0000

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

John Nelson — Tue, 12 May 2026 11:45:00 +0000

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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U.S. Economy Adds 115,000 Jobs in April, Doubling Expectations from Economists

John Nelson — Fri, 08 May 2026 12:06:00 +0000

WASHINGTON, D.C. — The U.S. economy added 115,000 nonfarm payroll jobs in April, according to the U.S. Bureau of Labor Statistics (BLS). The gains in April more than doubled expectations from Dow Jones economists, which CNBC reports forecasted 55,000 new jobs. The U.S. unemployment rate remained unchanged from March at 4.3 percent. Among employment sectors, healthcare saw the biggest jump, adding 37,000 jobs in April. This is on par with its 12-month average monthly gain of 32,000. Within the healthcare segment, job growth occurred most in nursing and residential care (15,000) and home healthcare services (11,000). Other sectors that experienced growth last month include retail trade (22,000) and social assistance (17,000). On the flip side, the federal government continues to shed jobs as the U.S. government cut 9,000 positions last month. Since its peak in October 2024, the federal government is down by 348,000 jobs, or 11.5 percent. Similarly, losses continue for the information sector, with 13,000 jobs lost in April. The information sector — which includes telecommunications, motion picture and sound recording, computing infrastructure, data processing and web hosting — has had employment dwindle by 342,000 jobs, or 11 percent, since reaching its apex in November 2022. The BLS…

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Forbright Bank, R3 Ventures Acquire 12-Story Office Building in Chevy Chase, Maryland

John Nelson — Tue, 05 May 2026 14:28:59 +0000

CHEVY CHASE, MD. — Forbright Bank has brought in R3 Ventures in the acquisition of Chase Tower, a 12-story office building located at 4445 Willard Ave. in Chevy Chase, a Maryland suburb of Washington, D.C. Forbright Bank is the anchor tenant of Chase Tower, which has served as the bank’s headquarters since 2020. The property features 227,000 square feet of office space and 18,000 square feet of retail space, including a bank branch for Forbright Bank. The seller and sales price were not disclosed. Cushman & Wakefield represented the new ownership in the transaction, and Eastdil Secured represented the seller. In addition to co-investing in the acquisition, R3 Ventures will oversee asset management duties at the office building, including the leasing strategy and capital improvements. The new ownership has also retained JBG Smith as the property manager for the office building.

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Meridian Capital Arranges $50M Refinancing for Langston Views Apartments in D.C.

John Nelson — Tue, 05 May 2026 14:22:08 +0000

WASHINGTON, D.C. — Meridian Capital Group has arranged a $50 million bridge-to-agency loan for the refinancing of Langston Views, a 671-unit apartment complex located at 2300 Marion Barry Ave. SE in Washington, D.C. Meridian Capital arranged the financing through NewBridge Lending on behalf of the Chicago-based borrower, Clear Investment Group, which purchased the residential property from foreclosure in December 2024. Since acquisition, Clear has invested in capital improvements to Langston Views, including 24/7 onsite personnel, a fob entry system, new swimming pool and a community room. Built in 1966, the property comprises two 12-story residential towers and multiple garden-style apartment buildings. The development was 85 percent occupied at the time of financing.

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BXP Sells 50 Percent Stake in Marriott Headquarters Building in Bethesda, Maryland at $430M Valuation

John Nelson — Tue, 21 Apr 2026 12:00:00 +0000

BETHESDA, MD. — BXP (NYSE: BXP), the company formerly known as Boston Properties, has sold a 50 percent ownership interest in the corporate headquarters building for global hotelier Marriott International Inc. in downtown Bethesda. The Boston-based real estate development and management firm delivered the 21-story office tower in 2021 and is now selling its stake to its joint venture partner, The Bernstein Cos., at a $430 million valuation. Tommy Cleaver, Bill Shanahan, Dan Grimes and Chloe Neal of CBRE represented BXP in the sale. BXP’s net proceeds in the sale came out to $83 million. In addition to LEED Gold and Fitwel certifications, the Marriott office tower has features a rooftop terrace; grand lobby with an LED wall and three-story atrium; 7,500-square-foot fitness center; collaboration space; two dining offerings; 11,000-square-foot childcare center; and an innovation center with a test kitchen. According to Marriott, the office tower can accommodate roughly 3,500 workers across 2,842 workspaces. The hotel giant fully debuted the tower in fall 2022. “This remarkable headquarters is the result of a shared vision and a strong partnership with BXP,” says Adam Bernstein, president and CEO of The Bernstein Cos. “Together, we delivered a world-class building for Marriott International’s global headquarters…

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NRP Group, MHCDO Break Ground on 109-Unit Mixed-Income Community in D.C.

John Nelson — Wed, 15 Apr 2026 13:37:59 +0000

WASHINGTON, D.C. — The NRP Group and housing nonprofit Marshall Heights Community Development Organization (MHCDO) have broken ground on The Waymark, a 109-unit mixed-income housing community located at 4435 Benning Road NE in Washington, D.C. Situated in the city’s Ward 7 near the Benning Road Metro station, the nine-story property will feature studio, one-, two- and three-bedroom units reserved for families and individuals earning up to 30, 50 and 80 percent of the area median income (AMI), with 22 units reserved as permanent housing for individuals at risk of homelessness. Future residents will be one Metro stop away from RFK Stadium, the future home of the Washington Commanders NFL team. Amenities at The Waymark will feature a multi-use space on the first floor, a fitness center and onsite resident programs, including financial literacy workshops and job readiness training. Financial partners include DC Department of Housing and Community Development (DHCD), which provided debt; the DC Housing Finance Agency (DCHFA), serving as the bond issuer; and DC Green Bank, supporting sustainable development initiatives. Private sector partners include KeyBank Real Estate Capital as the lender and U.S. Bank as the tax credit investor. NRP Group and MHCDO plan to deliver the community by the…

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BLS: U.S. Economy Adds 178,000 Jobs in March, More Than Tripling Expectations

Abby Cox — Mon, 06 Apr 2026 14:04:26 +0000

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 178,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). This figure shows a reversal from the 133,000 decline in February (revised down from -93,000) and an improvement from the 59,000 figure expected by Dow Jones economists, according to CNBC. February’s number was revised down by 41,000 while January was revised up by 34,000 to 160,000, putting the three-month average around 68,000, as reported by CNBC. The unemployment rate, currently sitting at 4.3 percent, changed little in March. Job gains primarily occurred in healthcare, construction, transportation and warehousing, while federal government employment continued to decline. The healthcare sector led the way adding 76,000 jobs, including gains in ambulatory health care services (+54,000), reflecting an increase of 35,000 jobs in offices of physicians as workers returned from a strike. Employment also increased in hospitals (+15,000). Over the past year, healthcare has added an average of 29,000 jobs per month. Construction grew by 26,000 jobs in March but has shown little new change over the previous 12 months. Transportation and warehouse added 21,000 jobs, with gains in couriers and messengers (+20,000); however, transportation and warehousing is down…

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Mid-Atlantic Retail Market Is Experiencing Methodical Growth

John Nelson — Mon, 30 Mar 2026 11:40:00 +0000

Retail real estate across the Mid-Atlantic is having a moment — but it’s a disciplined one. As fundamentals remain healthy in Virginia, Maryland and Washington, D.C., the region is seeing a notably more selective approach to retail growth. Years of limited new development, zoning constraints and rising construction costs have tightened supply, pushing owners, investors and municipalities to be far more intentional about what gets built — and where. Sources interviewed for this article point to the sustained demand for well-located shopping centers, such as those anchored by strong tenants, daily-needs retailers and dense surrounding populations.“Retail today is about durability,” states Mike Castellitto, chief operating officer of Broad Reach Retail Partners. “Assets that serve essential, repeat-use visitors continue to outperform and attract both tenants and investors.” Shifting consumer preferences in VirginiaFrom Washington, D.C.’s dense suburban corridors to fast-growing secondary markets, Virginia’s retail real estate landscape remains one of the Mid-Atlantic’s steadiest performers. The Commonwealth’s strongest retail fundamentals are often seen in Northern Virginia and select regional hubs like metro Philadelphia, Virginia Beach and Richmond, where household income growth and population density create robust demand. Jim Ashby, senior vice president of the Retail Services Group at Cushman & Wakefield | Thalhimer,…

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DCHFA Provides Financing for 178-Unit Affordable Housing Redevelopment in D.C.

Abby Cox — Fri, 27 Mar 2026 13:33:35 +0000

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided financing to rehabilitate Henson Ridge II, a 178-unit affordable housing community located in the Douglass neighborhood of Ward 8 in Washington, D.C. DCHFA issued $40 million in tax exempt bonds, along with $37.5 million in federal Low Income Housing Tax Credit (LIHTC) equity and $9.3 million in District of Columbia LIHTC equity. Urban Atlantic Development LLC and Capitol Housing Partners LLC (a subsidiary of the DCHA) are the developers planning to rehabilitate Henson Ridge II. The proposed $103 million rehabilitation is made up of 64 LIHTC units and 114 project-based voucher (PBV) units. The scope of work for the rehabilitation includes replacement of roofs, windows, doors, kitchens and bathrooms, as well as improvements to modernize the HVAC/mechanical systems. The mix of units consists of 52 one-bedroom, 28 two-bedroom, 50 three-bedroom, 38 four-bedroom and 10 five-bedroom units. All units will be reserved for residents earning 30 and 60 percent or less of the area median income (AMI). The 30 percent AMI units will benefit from PBV operating subsidies.

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Stream Realty Arranges $52.5M Sale of Watergate 600 Office Building in D.C.

John Nelson — Tue, 10 Mar 2026 14:11:41 +0000

WASHINGTON, D.C. — Stream Realty Partners has arranged the sale of Watergate 600, a 12-story, 316,000-square-foot office building located at 600 New Hampshire Ave. N.W. in Washington, D.C.’s East End district. The buyer and sales price were not disclosed, but the Washington Business Journal reports that an affiliate of locally based Jetset Hospitality purchased the building for $52.5 million. Elme Communities, formerly known as Washington Real Estate Investment Trust, sold the property amid liquidating all of its assets and dissolving its business, according to the Washington Business Journal. Matt Pacinelli, Charlie Smiroldo and Lukas Stanat of Stream Realty represented Jetset in the transaction, while JLL represented the seller. The new owner has tapped Pacinelli, along with Tim McCarty, John Klinke and Josh McDonald of Stream Realty, to handle leasing at Watergate 600, which has a 125,000-square-foot top-block office space available. Amenities at the waterfront office building include a wraparound terrace on the seventh floor offering views of the Potomac River, a new lobby designed by LSM, new conference and event facilities, a modern fitness center and newly updated windows and elevators.

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BLS: U.S Economy Loses 92,000 Jobs in February, Unemployment Rate Rises

Abby Cox — Fri, 06 Mar 2026 15:47:52 +0000

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that the U.S. economy lost 92,000 jobs in February, compared to the previously estimated gain of roughly 50,000 by Dow Jones economists, according to CNBC. Meanwhile, the U.S. unemployment rate slightly increased to 4.4 percent. The BLS has also downwardly revised the December job gains from +48,000 to -17,000, a difference of 65,000. With the revision, the U.S. economy has now posted job losses in three of the past five months. (The BLS also revised January’s gains but only slightly, from +130,000 to +126,000 jobs.) The healthcare sector, which has been the primary growth driver in payrolls, saw a loss of 28,000 jobs in February, largely due to a strike at Kaiser Permanente in Hawaii and California. Offices of physicians lost 37,000 jobs in February, while hospitals added 12,000 jobs. Information services also lost jobs (-11,000), as part of a 12-month trend in which the sector has forfeited an average of 5,000 jobs per month, CNBC reported. Additionally, federal government employment declined by 10,000 for the month, and is down by 330,000 jobs since October 2024. The BLS reports that transportation and warehousing saw a reduction (-11,000), with…

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