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.”
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.
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.
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.
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.
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 …
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 …
WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 272,000 jobs in May, according to the U.S. Bureau of Labor Statistics (BLS). This figure exceeds the predictions of Dow Jones economists who anticipated a more modest increase of 190,000, according to CNBC. The May total also surpasses the rolling 12-month average of 232,000 jobs. The BLS also reports the U.S. unemployment rate rose slightly to 4 percent, the first time that the rate has eclipsed that mark since January 2022. Additionally, the BLS has made slightly downward revisions for employment in March and April, with 5,000 fewer reported in March (now 310,000 jobs total) and 10,000 fewer in April (now 165,000). Healthcare led all sectors in May, adding 68,000 jobs, which is in line with its average 64,000 jobs added over the prior 12 months. Within the healthcare category, employment grew in ambulatory health care services (+43,000), hospitals (+15,000) and nursing and residential care facilities (+11,000). Other employment sectors experiencing growth include government (+43,000); leisure and hospitality (+42,000); professional, scientific and technical services (+32,000, which is nearly double its monthly average of +19,000 over the prior 12 months); and social assistance (+15,000). Employment showed little or no …
WASHINGTON, D.C. — A joint venture between Rockefeller Group and Stonebridge is underway on the development of 600 Fifth Street Northwest, a $375 million office building project in Washington, D.C. Upon completion, the building, which is situated at the site of the former Washington Metropolitan Transit Authority (Metro) headquarters, will total 400,000 square feet. The property will feature 15-foot ceilings, open-air terraces on every other floor, an energy-efficient glass curtain wall and a ground-level public park. Law firm Crowell & Moring will occupy 199,000 square feet as an anchor tenant of the building, which was 50 percent preleased at the time of topping out, May 20. Stonebridge and Rockefeller signed a 99-year ground lease with Metro in June 2023, breaking ground the same month. A timeline for completion was not disclosed. Clark Construction is serving as the general contractor on the project, which was designed by Pickard Chilton. Kendall Heaton Associates is the architect of record, and Scott Frankel, Carroll Cavanagh, Dimitri Hajimihalis, Emily Eppolito and D.J. Callahan of CBRE manage leasing at the property.
WASHINGTON, D.C. — The CIM Group has sold The Argonne, a 276-unit apartment community located at 1629 Columbia Road NW in Washington, D.C.’s Adams Morgan neighborhood. The buyer and sales price were not disclosed. The eight-story brick property was originally built in 1923. Under CIM Group’s management, The Argonne has undergone upgrades to the building’s lobby, common areas, corridors and façade. Today, the property features floor plans ranging from studios to three-bedroom apartments, as well as a swimming pool, fitness center, conference center, yoga room and a dog park.