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District of Columbia

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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District of ColumbiaSoutheast

US Economy Adds 272,000 Jobs in May, Surpassing Economists’ Expectations

by John Nelson

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 …

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DevelopmentDistrict of ColumbiaOfficeSoutheast

Rockefeller Group, Stonebridge Underway on $375M Office Building in D.C.

by John Nelson

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.

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AcquisitionsDistrict of ColumbiaMultifamilySoutheast

CIM Group Sells 276-Unit Argonne Apartments in D.C.

by John Nelson

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.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

Partnership Nears Completion of 430-Unit Iris Apartments in D.C.

by John Nelson

WASHINGTON, D.C. — A partnership between the District of Columbia Housing Authority (DCHA), MRP Realty, CSG Urban Partners LLC and Taylor Adams Associates is nearing completion of The Iris, a 430-unit apartment community located at 1133 N. Capitol St. NE in Washington, D.C.’s NoMa district. The public-private partnership, along with property management firm Greystar, began tours and accepting lease applications last month at the 380,000-square-foot property. The first move-ins will begin next week. The Iris is a 13-story community featuring studio, one-, two- and three-bedroom apartments, 20 percent of which will be reserved for households earning 60 percent or less of the area median income (AMI). Monthly rental rates start at $1,820, according to Apartments.com. Amenities include a rooftop pool, dog park, coworking space, fitness center, sports bar, outdoor kitchen, private dining room, reading library and a mail and package center, as well as two levels of subterranean parking. The design-build team includes general contractor CBG Building Partners and architectural firm Moya Design Partners. The Iris represents Phase I of the three-phase adaptive reuse of the former DCHA headquarters site.

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Taicoon Property Partners Acquires 152,000 SF Office Building in D.C.

by John Nelson

WASHINGTON, D.C. — Taicoon Property Partners has acquired 1899 L, a 152,000-square-foot office building situated along Restaurant Row in Washington, D.C. The property was renovated in 2022, with improvements to the main lobby, elevator cabs, HVAC, conference center, fitness center and bike room. The buyer plans to implement further renovations, including an updated façade, enhanced restrooms and common areas, redesigned retail storefronts and modernization of the amenities and infrastructure. Charlie Smiroldo and Matt Pacinelli of Stream Realty Partners represented Taicoon in the transaction. Stream also serves as the leasing agent for the building, which features available suites ranging from 2,500 to 13,000 square feet. Collins Ege and Bradley Allen of Eastdil Secured represented the undisclosed seller. The sales price was also not disclosed.

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District of ColumbiaSoutheast

US Economy Adds 175,000 Jobs in April, Falling Below Estimates

by John Nelson

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 175,000 jobs in April, according to the U.S. Bureau of Labor Statistics (BLS). This marks a departure from the predictions of Dow Jones economists who anticipated a more robust increase of 240,000, according to CNBC. The unemployment rate increased to 3.9 percent, defying expectations that it would remain at 3.8 percent. This brings the rate to its highest since January 2022. The April number falls far below the employment figures of March — which were revised up by 12,000, reaching a new total of 315,000 jobs — as well as the average monthly gain of 242,000 over the prior 12 months. Total nonfarm employment figures for February were revised down by 34,000, leaving the figure at 236,000. Healthcare saw the most significant increase, adding 56,000 jobs. Transportation and warehousing and retail trade were the only other sectors with notable changes. Transportation and warehousing added 22,000 jobs, and the retail trade increased employment by a similar 20,000. Government and construction employment changed little in April, adding 8,000 and 9,000 jobs, respectively. Other major industries, including mining, quarrying, and oil and gas extraction; manufacturing; wholesale trade; information; financial activities; professional …

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District of ColumbiaLoansSoutheast

MBA: Total Commercial Real Estate Lending Declined 47 Percent in 2023

by John Nelson

WASHINGTON, D.C. — Total commercial real estate lending is estimated to have totaled $429 billion in 2023, according to a year-end report from the Mortgage Bankers Association (MBA). This figure represents a 47 percent decline from 2022 when lending volume totaled $816 billion and a 52 percent decrease from the record $891 billion set in 2021. Jamie Woodwell, MBA’s head of commercial real estate research, attributes the drop-off in loan volume last year to a combination of higher interest rates and uncertainty with property values and operating fundamentals in some property sectors, namely office. “The declines were broad-based, covering every major property type and capital source,” says Woodwell. “Much of the drop in originations was driven by a decline in borrower demand stemming from slowdowns in sales transactions and refinances. If property owners had the ability to sit pat, they generally did.” According to MBA, depositories such as banks were the leading capital source of mortgage debt for commercial real estate loans, followed by life insurance companies and pension funds, government-sponsored enterprises (Fannie Mae and Freddie Mac), private label CMBS and investor-driven lenders. Among different property types, multifamily properties saw the highest volume last year, with an estimated $264 billion …

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DevelopmentDistrict of ColumbiaLeasing ActivityOfficeRetailSoutheast

Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept

by John Nelson

WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.

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District of ColumbiaSoutheast

US Economy Adds 303,000 Jobs in March, Led by Gains in Healthcare and Government Sectors

by John Nelson

WASHINGTON, D.C. — Nonfarm employment in the United States rose by 303,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). The March total eclipsed the expectation of 200,000 jobs set by Dow Jones economists, according to CNBC. The figure also exceeds the average monthly gain of 231,000 jobs over the past 12 months. The employment sectors that saw the biggest leap last month were in healthcare (72,000 jobs) and government (71,000 jobs). Within the healthcare industry, employment in ambulatory healthcare services rose by 28,000 jobs, followed by employment in hospitals (27,000) and nursing and residential care facilities (18,000). The healthcare industry’s average monthly gain is 60,000 over the past 12 months. Government employment in March surpassed the rolling 12-month average of 54,000 jobs. Over the month, employment increased in local government (49,000) and federal government (9,000). Other sectors that saw above-average increases in March included construction (39,000 jobs compared to its 12-month average of 19,000) and leisure and hospitality (49,000 jobs compared to an average of 37,000 over the prior 12 months). The BLS also reports that employment in leisure and hospitality has returned to its pre-pandemic level set in February 2020. The sector was the …

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