District of Columbia

Joint Venture Acquires Office Building in D.C. for $34.7M, Plans to Reposition as Apartments

by Alex Tostado February 24, 2020

WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.

February 24, 2020

Acquisitions District of Columbia Hospitality Southeast

Park Hotels Sells Embassy Suites by Hilton Hotel in D.C.’s Georgetown District for $90.4M

by Alex Tostado February 20, 2020

WASHINGTON, D.C. — Park Hotels & Resorts Inc. has sold the Embassy Suites by Hilton Washington DC Georgetown, a 197-room hotel in Washington, D.C., for $90.4 million. The property is situated at 1250 22nd St. NW in Georgetown, one mile west of downtown D.C. The hotel offers an indoor pool, fitness center, arcade, complimentary breakfast, baggage storage and a business center. The buyer was EOS Investors LLC.

February 20, 2020

Acquisitions District of Columbia Multifamily Southeast

Greysteel Arranges $13.7M Sale of Apartment Complex in D.C.

by Alex Tostado February 14, 2020

WASHINGTON, D.C. — Greysteel has arranged the $13.7 million sale of Glenwood Apartments, a 90-unit apartment complex in Washington, D.C.’s Edgewood neighborhood The property was originally built in 1942 at 2315-2321 Lincoln Road NE, two miles northeast of downtown D.C. The community offers studio, one- and two-bedroom floor plans and amenities including a courtyard, package services, dog park and a grilling area. The seller, Stonebridge Investments, recently invested $1.5 million to upgrade the lobbies, hallways, leasing office, courtyard, dog park and approximately 37 units prior to the sale. Ari Firoozabadi, Kyle Tangney, Herbert Schwat and Dutch Seitz of Greysteel represented the seller in the transaction. The buyer was not disclosed.

February 14, 2020

Company News District of Columbia Georgia Southeast

CoStar Group to Acquire Atlanta-Based Apartment Data Company for $588M

by Alex Tostado February 13, 2020

WASHINGTON, D.C. AND ATLANTA — CoStar Group has entered into an agreement to acquire Atlanta-based RentPath Inc. Although the sales price was not disclosed, The Wall Street Journal reports the sales price will be $588 million. RentPath, a digital marketing solutions provider to the multifamily housing industry, is voluntary filing for Chapter 11 bankruptcy. CoStar is a stalking horse bidder, meaning if another qualifying bid to purchase RentPath emerges, a bankruptcy auction bid will be held. Washington, D.C.-based CoStar primarily focuses on selling real estate data but is continuing its push into the multifamily sector, having previously bought Apartments.com and ForRent.com. RentPath received $74.1 million in financing to remain operational through the sales process.

February 13, 2020

District of Columbia Loans Southeast

MBA: Commercial, Multifamily Mortgage Maturity Volume to Increase 48 Percent in 2020

by Alex Tostado February 12, 2020

WASHINGTON, D.C. — An estimated $163.2 billion of the $2.2 trillion of outstanding commercial and multifamily mortgages held by non-bank lenders and investors will mature in 2020, a 48 percent increase from the $110.5 billion that matured in 2019, according to the Mortgage Bankers Association’s (MBA) Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes. The results were released at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference ends today. “Commercial and multifamily mortgage maturities will rise this year from the low levels of the past two years,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Given the long-term nature of many commercial mortgages, maturities remain muted, with just 7 percent of the total balance of non-bank-held mortgages maturing in 2020.” Life insurance companies will see $24.8 billion, or 4 percent of their outstanding mortgage balances, mature this year. Among loans held in CMBS financing, $67.2 billion, or 11 percent, will come due. Only $11.9 billion (2 percent) of the outstanding balance of multifamily and healthcare mortgages held or guaranteed by Fannie Mae, Freddie Mac, Federal Housing Administration (FHA) and Ginnie Mae will mature in 2020. Commercial mortgages held by …

February 12, 2020

District of Columbia Loans Southeast

PNC Narrowly Tops Wells Fargo in MBA’s 2019 Commercial, Multifamily Servicer Rankings

by Alex Tostado February 11, 2020

WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2019 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. PNC Real Estate/Midland Loan Services led the field with $702 billion in loan volume as of Dec. 31, 2019, narrowly edging out Wells Fargo Bank ($700 billion). KeyBank National Association ($306 billion), Berkadia Commercial Mortgage LLC ($280 billion) and CBRE Loan Services ($228 billion) rounded out the top five. The Washington, D.C.-based association released the rankings at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes Wednesday. The MBA also ranked a few different categories in its report, including ranking the top agency servicers. For Fannie Mae loans, Wells Fargo, Walker & Dunlop, Berkadia, CBRE and Newmark Knight Frank (NKF) are the top five servicers. For Freddie Mac, Wells Fargo, KeyBank, PNC, CBRE and Berkadia are the top five performers. Orix Real Estate Capital, Walker & Dunlop, Berkadia, Greystone and Wells Fargo were the top Federal Housing Authority (FHA) and Ginnie Mae servicers. Wells Fargo, PNC, KeyBank, NKF and JLL were the top CMBS servicers, and JLL was at the top of …

February 11, 2020

District of Columbia Loans Southeast

Commercial, Multifamily Loan Originations Climb 7 Percent to Close Out 2019, Says MBA

by Alex Tostado February 10, 2020

WASHINGTON, D.C. — Commercial and multifamily loan originations climbed 7 percent year-over-year in fourth-quarter 2019, according to preliminary estimates from the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. The results were released Sunday at the 2020 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference began Sunday and will conclude Wednesday. The industrial, office and healthcare sectors experienced increases in dollar volume of loans in the latter part of 2019. Compared to fourth-quarter 2018, the industrial sector grew by 67 percent, the healthcare sector was up 33 percent and office properties ticked up 29 percent. Multifamily property loan originations decreased 4 percent, and hotel property lending fell 25 percent. Among investor types, the dollar volume of loans originated by commercial mortgage-backed securities (CMBS) lenders increased year-over-year by 81 percent, 13 percent for commercial bank portfolio loans and 9 percent for life insurance companies. The dollar volume of government-sponsored enterprises (i.e. Fannie Mae and Freddie Mac) loans decreased 30 percent compared to the fourth quarter of 2018. “Commercial and multifamily borrowing and lending hit a new high during the fourth quarter of 2019, surpassing the previous record from the second quarter of 2007,” …

February 10, 2020

District of Columbia Southeast

U.S. Economy Adds 225,000 Jobs in January, Surpassing Economists’ Expectations

by Alex Tostado February 7, 2020

WASHINGTON, D.C. — The U.S. economy added 225,000 nonfarm payroll jobs in January and the unemployment rate ticked up 10 basis points to 3.6 percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by The Wall Street Journal had forecast an increase of 158,000 jobs. The BLS also revised the job growth numbers upward for November and December by a combined 7,000. The revised figures now show employers added 261,000 jobs in November and 147,000 in December. The average monthly gain in 2019 was 175,000 jobs. Notable employment gains in January occurred in construction, healthcare, leisure and hospitality, and in transportation and warehousing. More specifically, the construction sector added 44,000 jobs, more than three times as much as the monthly average in 2019 (12,000). Economists say the relatively mild weather across the United States early this year gave a boost to the construction industry. The healthcare industry added 36,000 jobs in January, with most of those positions coming in ambulatory healthcare services (23,000) and hospitals (10,000). Employment in leisure and hospitality continued to trend up in January as the sector added 36,000 jobs. Over the past six months, the industry has added 288,000 jobs. Employment in transportation and warehousing increased by …

February 7, 2020

Acquisitions District of Columbia Georgia Hospitality Southeast

Pebblebrook Hotel Trust Agrees to Sell Two Hotels in Atlanta, D.C. for $331M

by Alex Tostado January 27, 2020

ATLANTA AND WASHINGTON, D.C. — Pebblebrook Hotel Trust has entered into agreements to sell both InterContinental Buckhead Atlanta and Sofitel Washington DC Lafayette Square for a combined $331 million. InterContinental Buckhead Atlanta is a 422-room hotel in Atlanta’s Buckhead district, situated 10 miles north of downtown Atlanta. The hotel sold at a 6.4 percent cap rate. Sofitel Washington DC Lafayette Square is a 237-room hotel situated a block north of The White House. The property sold at a 5.7 percent cap rate. An undisclosed third-party buyer will acquire both properties. Pebblebrook expects to close both sales by the end of the first quarter.

January 27, 2020

Acquisitions District of Columbia Hospitality Southeast

Geolo Capital, JW Capital Sell Thompson Hotel in D.C. for $120M

by Alex Tostado January 23, 2020

WASHINGTON, D.C. — Geolo Capital and JW Capital Partners have sold Thompson Washington D.C., a 225-room hotel that opened Jan. 8, to Hamburg, Germany-based Union Investment for $120 million. Union Investment agreed to purchase the hotel more than two years before its completion. Geolo and JW Capital Partners developed Thompson Hotel over the past three years. Following the sale, the Geolo and JW Capital Partners joint venture will remain a long-term tenant, leasing the property back from Union Investment and overseeing management of the asset, which will continue to be operated as a Thompson Hotel. The hotel offers three restaurant and bar concepts by Union Square Hospitality Group, in addition to 7,000 square feet of indoor and outdoor meeting space. Thompson Hotel anchors The Yards, Brookfield Property’s 3 million-square-foot mixed-use development. Bank OZK provided construction financing for the hotel, which is located in Washington, D.C.’s Navy Yard neighborhood. Studios Architecture and Parts and Labor Design NYC designed the hotel, and John Moriarty & Associates provided preconstruction and general contracting services for the project.

January 23, 2020

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