WASHINGTON, D.C. — EJF Capital, Donatelli Development and Blue Skye Development are developing a $95 million, 262-unit mixed-income housing project within an opportunity zone in southeast Washington, D.C. The project is under construction within Hill East, a 67-acre master-planned development. The multifamily component, which has not yet been named, will include an undisclosed number of affordable housing units and 13,000 square feet of retail space. The project is expected to be complete in August 2020. Eagle Bank is providing $59.5 million of construction financing.
WASHINGTON, D.C. — Carr Properties has broken ground on Signal House, a 225,000-square-foot office development in the Union Market neighborhood of Washington, D.C. Located at 350 Morse St., the project will be situated adjacent to Florida Avenue and near the NOMA-Gallaudet Metro Station. Designed by Gensler, the 10-story office building will pay tribute to the historic industrial surroundings of the area with a terra cotta, metal and glass exterior. Amenities at the property will include a penthouse with a demonstration kitchen, bar, recording studio, DJ booth, karaoke room and conference center. Other features will include 10,000 square feet of private terraces, fitness facilities, bike storage and 12,500 square feet of retail space. “Signal House will be the first new office development in Union Market and will add to the revitalization of an area that is becoming one of the most dynamic creative and retail destinations in the city,” says Oliver Carr, CEO of Carr Properties. Completion of the project is slated for the first quarter of 2021. John Moriarty & Associates is the general contractor. The developers are seeking LEED Gold certification for the property. Carr Properties is a privately held real estate investment trust that owns, acquires and develops …
WASHINGTON, D.C. — JBG Smith Properties and Malrite Co. have completed the development of a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. When the project was announced in 2015, The Washington Post reported that the estimated costs were $162 million. The building officially opens to the public on Sunday, May 12. The development more than doubles the size of the museum to 140,000 square feet and moves it from F Street to just two blocks south of the National Mall and two blocks north of The Wharf. L’Enfant Plaza has its own stop on the Metro rail line. The museum showcases the world’s largest collection of international espionage-related artifacts and features an interactive exhibition highlighting the villains in the James Bond movies. In addition to larger exhibition space, the new building also includes dedicated temporary exhibition space; a learning center with workshop spaces; a theater for lectures, films and panel discussions; and adaptable spaces for programs. The rooftop provides nearly 360-degree views of the city, including the Capitol Building and Washington Monument. Indoor event space is encased in floor-to-ceiling windows for private events and public programs. London-based architect Rogers Stirk Harbour + Partners designed the building, …
WASHINGTON, D.C. — Birchington LLC is set to break ground on a $93 million, 247-room Holiday Inn Express in Washington, D.C. The hotel is expected to open in late 2020. Birchington, which developer Habte Sequar owns, received a construction loan from Atlanta-based Stonehill Strategic Capital for the project. The 14-story hotel will be situated at the corner of 4th and K streets, three blocks from the historic Carnegie Library and the Walter E. Washington Convention Center. The design and management team include BBGM Architects, general contractor Kinsley Construction Inc. and property manager Urgo Hotels & Resorts.
WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station. Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project. Construction began in February. Phase I is slated for completion in spring 2021. HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team. Founded in 2005, MRP Realty …
WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.
WASHINGTON, D.C. — Urban Atlantic, Hines and Triden Development Group have broken ground on The Vale apartments and The Brooks condominiums at The Parks at Walter Reed in Washington, D.C. The Vale will be situated on a 2.3-acre site along Georgia Avenue and comprise 301 apartments and 18,300 square feet of retail space. PGIM Real Estate, the real estate investment management business of Prudential Financial Inc., will join the joint venture for developing the asset. Capital One provided construction financing for The Vale. The Brooks will be built on the adjoining half-acre site and will offer 89 units. Grosvenor Americas provided construction financing for The Brooks. The ground breaking is the first phase of construction for The Parks at Walter Reed, which will feature 150,000 square feet of grocery-anchored retail space; 1,200 residential units, including 432 affordable units; office space; parks; two foreign language immersion charter schools; and ambulatory care by Howard University. More than $300 million has been invested in the 66-acre campus, which is being developed in a public-private partnership with The District of Columbia.
WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million. Located at 415 New Jersey Ave., the property is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center. The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C. Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition. Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April …
WASHINGTON, D.C. — Locally based developers PN Hoffman and Madison Marquette have broken ground on Phase II of The Wharf, a $2.5 billion, mixed-use project fronting the Potomac River in Washington, D.C. At full build-out, Phase II will feature 625,000 square feet of Class A office space, 255 apartments, 96 condominium units, 131 hotel rooms and a 109,000 square feet of retail and restaurant space. Phase II will also include a 1.5-acre park, two underground parking garages with more than 1,000 spaces, and additional dockage totaling 223 slips at The Wharf Marina. Phase I of The Wharf, which spans a mile and is the largest private development in the city, opened in October 2017. Phase I included three hotels, two multifamily and condominium buildings, and 210,000 square feet of retail, restaurant and entertainment space. The design team behind Phase II includes more than a dozen architects. Cianbro is the general contractor for construction of the marina component, and Balfour Beatty is handling construction of the office buildings and below-grade parking garages. Other project partners include ER Bacon Development, City Partners, Paramount Development and Triden Development. Madison Marquette, which is owned by international investment firm Capital Guidance and merged with PMRG last …
WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.