WASHINGTON, D.C. — Bank OZK has provided $174 million in construction financing for Upton Place on Wisconsin, a planned mixed-use development in Washington, D.C., that will feature 689 multifamily units and 100,000 square feet of retail space. Eastdil Secured arranged the loan. The borrowers and developers, Apartment Investment Management Co. (Aimco) and The Donohoe Cos. Inc., expect to break ground in early 2021 and deliver the project in 2024. Donohoe originally developed the site, situated at 4000 Wisconsin Ave., in 1987 as the headquarters for Fannie Mae. The site has sat vacant since Fannie Mae consolidated its headquarters in downtown D.C. in 2014. Upton Place on Wisconsin will comprise a six- and an eight-story building. The multifamily portion is expected to include 65 affordable housing units. SK+I Architecture designed Upton Place to include most of the existing 825 below-grade parking spaces. Communal amenities will include a rooftop pool, three internal courtyards, barbecue areas, fitness center and a yoga studio.
District of Columbia
WASHINGTON, D.C. — A total of 787,000 Americans filed for first-time unemployment insurance assistance for the week ending Dec. 26, the U.S. Department of Labor reported Thursday, Dec. 31. The most recent figure marks a decrease of 19,000 claims from the previous week, though claims remain historically high compared to pre-pandemic numbers when claims hovered around 200,000 per week. Economists surveyed by Dow Jones expected the tally to rise to 828,000. The four-week moving average increased by 17,750 claims to 836,750 from the previous week. Continuing claims, for which data lags a week, fell by 103,000 claims to 5.2 million for the week ending Dec. 19.
MCLEAN, VA. AND WASHINGTON, D.C. — McLean-based Freddie Mac and Washington, D.C.-based Fannie Mae have extended their forbearance programs for multifamily borrowers that have been impacted by the COVID-19 pandemic. Under the programs, multifamily landlords whose properties are financed with a Freddie Mac or Fannie Mae loan can defer their loan payments by showing hardship as a consequence of COVID-19, and by gaining lender approval. The extension now runs through March 31, 2021. The programs also require landlords to suspend all evictions for renters during the forbearance period. The two government-sponsored enterprises (GSEs) had announced in June that the programs would expire at the end of 2020. Other tenant protections through the program include: Landlords must provide rent repayment flexibility and cannot require missed or late rents to be paid in one lump sum; Landlords cannot charge late fees or penalties for nonpayments; and Landlords must provide 30 days’ notice for the tenant to vacate during the repayment period. “We are still in the midst of the pandemic, and to continue to provide support for the multifamily market, we are providing additional time for borrowers to request a new or supplemental forbearance agreement,” says Debby Jenkins, executive vice president and head of …
WASHINGTON, D.C. — Another 803,000 Americans have filed for initial unemployment insurance assistance for the week ending Dec. 19, the U.S. Department of Labor reported Wednesday. The total is a decrease of 89,000 claims from the prior week’s revised level. Economists surveyed by Dow Jones expected the number to reach 888,000. The four-week moving average increased by 4,000 claims to 818,250. Continuing claims, for which data lags a week, dipped by 200,000 to 5.3 million for the week ending Dec. 12. Prior to the pandemic, weekly first-time unemployment claims hovered around 200,000.
WASHINGTON, D.C. — Media company The Atlantic will move its headquarters to the top two floors of an office building located at 610 Water St. within Phase II of The Wharf in Washington, D.C. Hoffman Madison Waterfront,a joint venture between Hoffman & Associates and Madison Marquette, is developing the 90,000-square-foot office building, which is situated three miles south of downtown D.C. and along the Washington Channel waterway. The Atlantic’s current headquarters are located at 600 New Hampshire Ave. in D.C. Morris Adjmi Architects is designing the five-story office building, which will feature 11-foot ceilings, 360-degree views and a 10,000-square-foot outdoor terrace. Phase II of The Wharf, which will also include retail, hospitality and residential space, is expected to deliver in 2022. Phase II will also include two more office buildings known as 670 and 680 Maine Avenue, which will be anchored by law firm Williams & Connolly LLP.
The retail investment sales market in the Washington, D.C.-Baltimore metro area, just like the rest of the United States, has been detrimentally impacted by COVID-19. Multi-tenant retail investment markets have essentially shut down, sellers and buyers are unable to come to pricing conclusions and most investment opportunities have shifted into urban areas that are experiencing more immediate distress. As COVID-19 cases continue to spike, and with further tightening of lockdown policy likely forthcoming, this trend will continue as the restaurant and entertainment industry bears the brunt of winter. This will present investors with the opportunity to purchase fundamentally solid urban real estate at a discount as the market for larger shopping centers waits to reset. It comes as no surprise that shopping center investment sales are anemic. Over the trailing three months in the D.C.-Baltimore area, there has been a paltry $49 million in sales volume across three transactions for retail centers exceeding $10 million. This compared to $196 million across nine transactions in the same period last year, a 75 percent decrease in volume. Further, of these transactions, two of them — Bel Air Town Center, purchased by JCR Cos. for $21 million, and Hagerstown Shopping Center, purchased by …
HERNDON, VA., AND WASHINGTON, D.C. — JLL Capital Markets has brokered the sale of two office properties owned by WashREIT (NYSE: WRE) in metro Washington, D.C., for a combined $106.5 million. The company sold Monument II, a 200,000-square foot, Class A office building in Herndon, to an affiliate of Westbrook Partners; and 1227 25th St. NW, a 136,540-square-foot office asset in Washington, D.C., to an undisclosed buyer. Completed in 2000, Monument II is an eight-story office building with a five-level parking facility. The property is located at 12950 Worldgate Drive along the Dulles Toll Road near Worldgate Centre and the future Herndon Metrorail station. Few details were released regarding 1227 25th St. NW, which is located within D.C.’s central business district. “These sales further strengthen our balance sheet ahead of the post-vaccine recovery and align with our strategy to reduce our exposure to office assets, allowing us to de-risk our portfolio and improve our ability to create long-term shareholder value,” says Paul McDermott, president and CEO of WashREIT. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller in both transactions. Dan McIntyre and Paul Spellman, also of JLL, assisted the buyer of Monument …
WASHINGTON, D.C. — MC Real Estate Partners has purchased a 95,000-square-foot office building located at 1000 F St. in Washington, D.C.’s Penn Quarter district. The developer, Douglas Development, sold the property for $106 million. Eastdil Secured represented the seller in the transaction. The 11-story property features a two-story historic building at its base and was fully leased at the time of sale. Delivered in 2017, 1000 F features 7,000 square feet of retail space, two levels of below-grade parking, private terraces on five floors and access to public transportation. The asset is situated three blocks from Washington Metropolitan Area Transit Authority’s (WMATA) Metro Center, which services the Blue, Orange and Red lines.
WASHINGTON, D.C. — Another 885,000 Americans filed for initial unemployment insurance for the week ending Dec. 12, the U.S. Department of Labor reported Thursday. The most recent figure marks a 23,000-claim jump from the previous week. Economists surveyed by Dow Jones expected the claims total to fall to 808,000. The 885,000 claims mark the highest number since the week ending Oct. 10, when 898,000 claims were filed. The four-week moving average also rose, reaching 812,500, a 34,250-claim jump from the previous week.
Retail Sales in November Show Negative Growth for First Time Since May, Remain Higher than Last Year
by Alex Tostado
WASHINGTON, D.C. — Retail sales in November declined 1.1 percent compared to October of this year, the U.S. Commerce Department reported Wednesday. The monthly decline is the first dip since April, when sales plummeted 14.7 percent due to the COVID-19 pandemic. November sales totaled $546.5 billion, which was an increase of 4.1 percent from November 2019. Additionally, the three-month period from September 2020 to November was 5.2 percent higher than the same time period a year ago. Month-over-month, motor vehicle and parts dealers, home furniture stores, electronics and appliances stores, clothing and accessories stores and sporting goods stores all reported decreased sales. The home improvement and food and beverage sectors grew 1.1 and 1.6 percent, respectively. Matthew Shay, president and CEO of the National Retail Federation (NRF), says the monthly decline is due to consumers holding steady amid rising COVID-19 cases and congressional gridlock. “Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions and congressional stimulus discussions were gridlocked,” says Shay. “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional fiscal stimulus from Congress is needed and we are hopeful it will be passed soon as we enter the final …