District of Columbia

Madison Marquette, PMRG Finalize Previously Announced Merger

by Camren Skelton June 14, 2018

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.

June 14, 2018

Company News District of Columbia Southeast

Gunnar Branson to Join AFIRE as Next CEO

by Camren Skelton June 5, 2018

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.

June 5, 2018

Company News District of Columbia Mixed-Use Multifamily Retail Southeast Texas Top Stories

Madison Marquette, PMRG Confirm Merger Discussions

by Kristin Harlow May 25, 2018

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 …

May 25, 2018

Acquisitions District of Columbia Office Retail Southeast

Calkain Arranges $14.9M Sale of Retail, Office Building in D.C.’s Palisades Neighborhood

by Camren Skelton May 8, 2018

WASHINGTON, D.C. — Calkain Cos. has arranged the $14.9 million sale of MacArthur Retail & Professional Center, a 45,543-square-foot mixed-use building located at 5185 MacArthur Blvd. N.W. in Washington D.C.’s Palisades neighborhood. Rick Fernandez and Andrew Fallon of Calkain Cos. arranged the transaction on behalf of the undisclosed seller. A group of New York-based private investors acquired the asset, which was 90 percent leased at the time of sale to tenants such as Starbucks Coffee and The UPS Store on the ground floor. The upper two floors of the building house office space.

May 8, 2018

Development District of Columbia Mixed-Use Retail Southeast

Forest City Unveils Vision for 3 MSF Second Phase of The Yards in D.C.

by Camren Skelton April 12, 2018

WASHINGTON, D.C. — Forest City Washington has unveiled plans for the second phase of The Yards, a master-planned mixed-use development in Washington, D.C. Phase II of the waterfront development will include an additional 3 million square feet on the western side of the property, between 1st Street S.E. and New Jersey Avenue. Planned elements include 1,200 residential units, 1.5 million square feet of Class A office space and 150,000 square feet of retail and dining space. Phase II will be organized around a pedestrian-friendly street with ground-level retail and dining, extended green spaces and public gathering areas. The six-block area will begin at the intersection of New Jersey Avenue and M Street S.E., and will extend to the Anacostia River at Diamond Teague Park. The second phase of the project is expected to break ground in 2019 and deliver in 2030. At full build-out, The Yards will span 48 acres and will feature 1.8 million square feet of office space, 400,000 square feet of retail and dining and up to 3,400 residential units. In addition, The Yards will be home to the 225-room Thompson D.C. hotel, slated to open in 2020.

April 12, 2018

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Funds $41M Refinancing for Apartment Community in D.C.

by Camren Skelton April 5, 2018

WASHINGTON, D.C. — Walker & Dunlop has provided a $41 million bridge loan for the refinancing of Zen Apollo, a 274-unit apartment community located between Washington, D.C.’s Logan Circle and City Center neighborhoods. The undisclosed borrower will use the 12-month loan to reposition the property, which was originally constructed in 1967 and renovated in 2007. Community amenities include a swimming pool, fitness center, clubhouse with billiards, movie theater and poker tables.

April 5, 2018

Development District of Columbia Multifamily Property Type Southeast

Skanska USA Tops Out Apartment Tower in D.C.’s NoMa Neighborhood

by John Nelson March 19, 2018

WASHINGTON, D.C. — Skanska USA has topped out RESA, a 12-story, 326-unit apartment community located at 22 M St. in Washington, D.C.’s NoMa neighborhood. Situated 1.5 blocks from the NoMa/Gallaudet U Metro station, the apartment tower is the multifamily portion of Tyber Place, a three-building mixed-use development that will also feature 585,000 square feet of office space, 30,000 square feet of retail and restaurants and an open-air courtyard. RESA’s amenity package will include a rooftop “plunge” pool and lounge; rooftop penthouse with a catering kitchen; second-floor courtyard with grills, TV, bar and outdoor fireplace; 24-hour concierge services; resident lounges; fitness center; pet spa; bike storage; and a three-level, underground parking garage. RESA is Skanska USA’s first multifamily development in Washington, D.C.

March 19, 2018

Affordable Housing District of Columbia Multifamily Southeast

NHP Foundation Acquires Affordable Housing Community in D.C. for $44.6M

by Camren Skelton March 12, 2018

WASHINGTON, D.C. — The NHP Foundation (NHPF) has acquired Woodmont Crossing Apartments, a 176-unit affordable housing community in Washington, D.C., for $44.6 million. The District of Columbia Housing Finance Agency (DCFHA) provided a $25.5 million acquisition loan for NHPF through the U.S. Department of Housing and Urban Development (HUD). In addition, the Royal Bank of Canada provided $12.1 million in low-income housing tax credits (LIHTC) on behalf of the NHPF. The Woodmont Crossing United Tenants Association selected NHPF to acquire the property as part of the D.C. Tenant Opportunity to Purchase Act (TOPA). The deal marks NHPF’s fifth TOPA acquisition in the D.C. area. As part of the agreement, NHPF will invest $42,000 per unit to upgrade kitchen and bath areas, as well as making 5 percent of the units fully handicap accessible. The property was originally constructed in 2002. All of the units are reserved for residents earning 60 percent of the area median income (AMI).

March 12, 2018

District of Columbia Multifamily Southeast

HFF Arranges $96M in Joint Venture Equity for Apartment Development in D.C.

by Camren Skelton March 9, 2018

WASHINGTON, D.C. — HFF has arranged $96 million in joint venture equity for the development of a 176-unit apartment community in northwest Washington, D.C. Walter Coker, Brian Crivella and Stephen Conley of HFF worked on behalf of the developer, EastBanc Inc., to arrange a joint venture partnership with Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Inc. Overall project costs will total approximately $110 million. The property will be constructed on a former surface parking lot next to the Scottish Rite Center at 2800 16th St. N.W. The Grimshaw Partners-designed building will feature an open-air courtyard, resort-style rooftop pool, fitness center and a residents-only café. The joint venture expects to break ground on the project in early 2019.

March 9, 2018

District of Columbia Office Southeast

JBG Smith, Canada Pension Plan Form Joint Venture for Equity Stake in $225M D.C. Office Development

by Camren Skelton February 28, 2018

WASHINGTON, D.C. — JBG Smith has formed a joint venture with Canada Pension Plan Investment Board (CPPIB) to develop and own 1900 N Street, a $225 million office development under construction in Washington, D.C.’s central business district. CPPIB will invest approximately $101 million in the 11-story building, giving it a 45 percent stake in the project. JBG Smith will continue to develop, manage and lease the asset. The property was 29.6 percent preleased as of the third quarter of 2017. International law firm Goodwin Procter LLP has preleased 80,329 square feet at the building, according to the Washington Business Journal. JBG Smith’s portfolio comprises more than 20 million square feet of office, multifamily and retail assets in the D.C. area. As of Dec. 31, 2017, the CPP Fund totaled $337.1 billion.

February 28, 2018

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