WASHINGTON, D.C. — Fannie Mae has appointed David Benson as president and promoted Celeste Brown to executive vice president and chief financial officer (CFO). Both appointments are effective August 6. In conjunction with the promotions, the agency also announced that its CEO, Timothy Mayopoulos, will step down by the end of the year. Benson joined Fannie Mae in 2002 and for the past five years served as executive vice president and CFO. As president, Benson will report to the CEO and manage the day-to-day business and operations of the agency. Prior to joining Fannie Mae, he held leadership positions at Merrill Lynch. “Dave is a natural choice for the president position,” said Egbert L.J. Perry, chairman of Fannie Mae’s board of directors. “He is an excellent leader who has held a variety of senior positions in his 16 years at Fannie Mae. He has deep expertise in the company’s business, the mortgage market and operations.” Brown joined Fannie Mae one year ago as senior vice president and deputy chief financial officer, following an 18-year career at Morgan Stanley. “I am pleased with the depth of our bench as demonstrated by Celeste Brown’s promotion,” said Perry. “Celeste has made great contributions to …
BALTIMORE — FRP Development Corp., a Baltimore-based development and investment company, has sold 40 industrial warehouse properties and three adjacent land parcels in the Baltimore-Washington corridor for $347.2 million. Blackstone Real Estate Partners acquired the assets. Another warehouse property in the portfolio was sold to its current tenants for $11.7 million. The sale of the portfolio will allow FRP to focus on its development pipeline in the metropolitan region, according to David deVilliers Jr., the company’s president and COO. The developer is currently underway on RiverFront on the Anacostia, a four-phase, 1.1 million-square-foot mixed-use development located adjacent to Nationals Park in Washington, D.C. In partnership with St. John Properties, FRP is also developing a 330,000-square-foot office and retail project in Baltimore County. FRP is a wholly owned subsidiary of FRP Holdings Inc., a Florida-based company that also comprises Florida Rock Properties Inc.
WASHINGTON, D.C. — Natixis has provided a $52.8 million loan for the refinancing and lease-up of 1000 F Street N.W., a 93,465-square-foot office building in Washington, D.C.’s East End submarket. The loan was provided on behalf of the building developer and owner, Douglas Development Corp., which completed construction on the property in 2016. The D.C.-based developer will use the loan to refinance an existing construction loan and fund tenant improvements to continue leasing the property. The LEED Gold-certified building, which was approximately 30 percent leased at the close of financing, features 7,282 square feet of ground-floor retail space and two levels of below-grade parking.
WASHINGTON, D.C. — Cushman & Wakefield has arranged a $95 million construction loan for 1050 17th Street, a 154,000-square-foot office building that will be located in Washington, D.C.’s central business district. Currently occupying the site is a 145,000-square-foot office building that was developed in the mid-1970s and will be demolished. The new property will be developed on a speculative basis, with construction slated to begin later this year. A timeline for completion was not released. The new property will also feature ground-floor retail space and below-grade parking, as well as proximity to nearby public transportation lines. The location also puts the building within walking distance of The White House and the U.S. Treasury Building. Maryland-based EagleBank provided the loan, specific terms of which were not disclosed. Philip Mudd and Brad Geiger of Cushman & Wakefield placed the debt on behalf of The Lenkin Company, a full-service construction and management firm that developed the existing building. “There were several lenders interested in financing this project,” says Mudd. “This was due to the quality, design, ownership and extraordinary location.” — Taylor Williams
WASHINGTON, D.C. — Cushman & Wakefield has arranged $174 million in financing for the acquisition of a 13-property multifamily portfolio located throughout Maryland and Virginia. Philip Mudd and Brad Geiger of Cushman & Wakefield’s Washington, D.C., office arranged 13 separate loans, each with 15-year terms, on behalf of the borrower, Kay Management. PGIM Real Estate Finance provided the fixed-rate loans through Fannie Mae. The portfolio totals 5,007 units and includes: Londonderry Apartments, Seneca Club, Wayne Manchester and White Oak Towers in Montgomery County, Md.; Deerfield Run, Gateway Square, Iverson Towers, Kenilworth Towers, Kirkwood Apartments, Lansdowne Village and Top of the Hill in Prince George’s County, Md.; Harbour Gates in Anne Arundel County, Md.; and London Park Tower in Alexandria, Va. The apartment mix includes mid-rise, high-rise, garden-style and townhomes.
WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a 190,000-square-foot office building, located at 2100 L St., on what previously served as the school’s playground. Designed by Martinez & Johnson Architecture, the building features floor-to-ceiling glass, 20,000-square-foot floor plates, a landscaped rooftop terrace and lounge, penthouse conference center, fitness center and an art gallery with outdoor terraces. The building will feature a rotating art gallery of works from African American artists, as well as a statue outside the building and a feature wall commemorating the property’s namesake, Thaddeus Stevens, who was a U.S. congressman. Law firm Morrison & Foerster LLP has preleased 43 percent of the building. The redevelopment will also include a renovation of the school building, which will reopen as a D.C. public school upon completion. The joint venture expects to …
WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …
WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have closed on their previously announced merger. News of merger discussions was originally announced at the end of May. “Our growth strategy is to be responsive to client demand for expanded investment and property services and for broader expertise in more markets. Merging operations with PMRG meets that demand,” says Amer Hammour, chairman of Madison Marquette. “Our combined capabilities also make us uniquely qualified to meet shifting market demand for mixed-use development, management and investment expertise.” Leadership of both firms will remain in place. While the operating platforms are in transition and until the combined company reveals its new name, the two companies will retain their individual brands. The combined company will be headquartered in Washington, D.C., with a major presence in Houston.
WASHINGTON, D.C. — Gunnar Branson will join the Association of Foreign Investors in Real Estate (AFIRE) as CEO following the September retirement of the organization’s long-time head, James Fetgatter. Branson joins AFIRE following seven years as CEO of the National Association of Real Estate Managers (NAREIM). Previously, Branson held leadership positions at GE Capital Real Estate and Heller Financial, and has consulted with companies including JLL, Wells Fargo, Wrightwood Capital, CIBC and Fidelity Investments. “I am excited to begin work with AFIRE and to continue the high-level relationships fostered by Jim Fetgatter for so many years,” said Branson. “AFIRE is an essential forum for navigating the unique challenges of global institutional real estate investing, and I look forward to participating in that discussion.” Founded in 1988, Washington, D.C.-based AFIRE provides a platform for investors to communicate through global meetings in key cities around the world, including in the United States and Europe. Two former U.S. presidents, four former secretaries of state, four former secretaries of defense and former prime ministers from the UK, Ireland, Spain and Australia have addressed AFIRE conferences.
HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …