District of Columbia

Oxford Properties, Norges Bank Real Estate Acquire Two Office Towers in D.C.

by Camren Skelton July 5, 2017

WASHINGTON, D.C. — Oxford Properties Group, in a joint venture with Norway-based-Norges Bank Real Estate Management, has acquired two office towers in Washington, D.C. — 900 16th Street N.W. and 1101 New York Avenue N.W. The nine-story, 122,000-square-foot 900 16th Street is LEED Gold-certified and features an outdoor terrace, fitness center and underground parking. The property, sold by The JBG Cos. and ICG Properties LLC, was 75 percent leased at the time of sale. The 12-story 1101 New York Avenue, developed in 2007, is LEED Gold-certified and features 180-degree panoramic views of the D.C. skyline, a fitness facility, rooftop terrace and underground parking. W. R. Berkley Corp., an insurance holding company, and Morgan Stanley Real Estate Investing sold the tower for an undisclosed price, according to media reports. The property was 99 percent leased at the time of sale. Toronto-based Oxford Properties Group will manage both office buildings.

July 5, 2017

District of Columbia Loans Southeast

MBA Predicts Commercial, Multifamily Mortgage Originations Will Decline by 3 Percent in 2017

by Camren Skelton June 30, 2017

WASHINGTON, D.C. — The Mortgage Bankers Association (MBA) has projected that commercial and multifamily originations will decline in 2017, ending the year at $478 billion—3 percent lower than volumes in 2016. For 2017, mortgage banker originations of just multifamily mortgages are forecast at $206 billion, with total multifamily lending at $245 billion. “Markets continue to move forward, but the rapid increases in property values, transaction volumes and other fundamentals that characterized the post-recession period have given way to more regular changes tied to the economy as well as changes in supply and demand,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “For many parts of the market, the downshift is a positive development.” Commercial and multifamily mortgage outstanding debt is expected to continue to grow in 2017, ending the year approximately 2 percent higher than at the end of 2016.

June 30, 2017

District of Columbia Maryland Office Southeast Top Stories

Government Properties Income Trust to Acquire First Potomac Realty Trust for $1.4B

by Nellie Day June 28, 2017

BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent to First Potomac’s 30-trading day volume weighted average price, based on a period ending April 24, 2017. The remaining transaction value includes the expected repayment of about $418 million of FPO debt and an assumption of about $232 million of FPO mortgage debt, as well as the payment of transaction fees and expenses. FPO has agreed it will not pay any distributions to its shareholders before the transaction closes. GOV’s distributions to its shareholders will not be impacted by the transaction. First Potomac maintains an office and industrial portfolio of properties that are located primarily in the metropolitan Washington, D.C., area. FPO’s portfolio includes 39 properties (74 buildings) with about 6.5 million square feet that was 92.2 percent …

June 28, 2017

District of Columbia Hospitality Loans Southeast

Natixis Provides $39M Loan for Hyatt Place Hotel in D.C.

by John Nelson June 15, 2017

WASHINGTON, D.C. — Natixis has provided a $39 million floating-rate, first mortgage loan to Washington, D.C.-based Excel Group for the acquisition of the 200-room Hyatt Place hotel located in the NoMa neighborhood of Washington, D.C. The 14-story, LEED Silver-certified hotel was constructed in 2014. Designed by Cooper Carry Inc., the property features a restaurant and lounge, 1,600 square feet of meeting space, an outdoor pool, fitness center and a business center. Excel’s current portfolio consists of 18 hospitality assets totaling over 2,200 rooms located throughout the eastern United States.

June 15, 2017

District of Columbia Loans Multifamily Southeast Top Stories

CapitalSource Provides $100M Construction Loan for Multifamily Property in Washington, D.C.

by Kristin Harlow June 9, 2017

WASHINGTON, D.C. — CapitalSource has provided a $100 million loan for the construction of Portals Residential Phase V Building, located in downtown Washington. The 373-unit multifamily property will be 13 stories tall. Units will range in size from 506 square feet to 3,400 square feet. Portals Residential Phase V Building is part of the final phase of a 3 million-square-foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings. The building design includes a sky terrace level with multiple living and meeting rooms, and an infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100-foot walkway around the entire building. Other property amenities include a fitness facility, enclosed garden, dog grooming rooms, interior lounges and meeting rooms. The borrower is an affiliate of Republic Properties Corp., part of the Republic Family of Companies and a full-service real estate development and management firm. Parse Capital provided mezzanine financing, while CBRE brokered the loan transaction. CapitalSource, a division of Pacific Western Bank, provides commercial loans to small and middle-market businesses. Los Angeles-based Pacific Western Bank maintains over $21 billion in assets. — Kristin Hiller

June 9, 2017

District of Columbia Mixed-Use Retail Southeast

Wegmans to Anchor Former Fannie Mae Headquarters Redevelopment in D.C.

by John Nelson May 23, 2017

WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have inked a deal with supermarket chain Wegmans to anchor the redevelopment of the former Fannie Mae headquarters at 3900 Wisconsin Ave. in Washington, D.C. The redevelopment includes the original brick buildings that were constructed by Equitable Life Co. in 1958 and 1962, as well as nearly 10 acres surrounding the buildings. The redevelopment will feature retail, residential, cultural arts, hospitality and commercial space. The development team includes Shalom Baranes Associates and Michael Vergason Landscape Architects. A timeline for the project has yet to be announced.

May 23, 2017

District of Columbia Loans Office Retail Southeast Virginia

Citizens Bank Leads Financing for Two JBG Cos. Deals in D.C. Area Totaling $90M

by John Nelson May 22, 2017

WASHINGTON, D.C. — Citizens Bank has led the financing on two deals in the metropolitan Washington, D.C., area with The JBG Cos. totaling $90 million. The financing included the $49 million refinancing of Georgetown Center, two office buildings at 2115 and 2121 Wisconsin Ave. in D.C.’s Georgetown district, and a $41 million loan to finance the Old Centerville, a 171,631-square-foot, H-Mart-anchored shopping center on Braddock Road in Centerville, Va. Citizens was the administrative agent and sole lead arranger for both transactions.

May 22, 2017

District of Columbia Office Southeast

NGKF Arranges Three Office Leases in D.C.’s Capitol Riverfront District

by John Nelson May 10, 2017

WASHINGTON, D.C. — Newmark Grubb Knight Frank (NGKF) has arranged three lease deals totaling 26,332 square feet at a 10-story office building located at 1100 New Jersey Ave. S.E. in Washington, D.C.’s Capitol Riverfront district. The new tenants include The African Wildlife Foundation (AWF), law firm Watkinson & Miller and defense and government contractor Assett Inc. AWF has leased 15,024 square feet on the ninth floor, relocating from 1400 16th Street N.W.; Watkinson & Miller leased the remaining 8,630 square feet on the ninth floor, relocating from One Massachusetts Avenue N.W.; and Assett Inc. leased the remaining 2,678 square feet on the seventh floor. Owned by WC Smith, the newly renovated office building overlooks the Potomac River, U.S. Capitol, Canal Park and Nationals Park. WC Smith’s recent renovations at the Class A building include a new fitness center, bicycle storage and a new conference center. Brendan Owen, Rafael Notario and Morgan Monroe of NGKF represented WC Smith in the lease negotiations. Bill Zonghetti and David Hardcastle of NGKF represented AWF, Terry Amling of Lincoln Property Co. represented Watkinson & Miller and Neil Narcisenfeld and Sarah Frick of Ezra Co. represented Assett Inc.

May 10, 2017

District of Columbia Office Southeast Top Stories

UNIZO Acquires Two Office Buildings in Washington, D.C. for $259M

by Kristin Harlow April 28, 2017

WASHINGTON, D.C. — UNIZO Holdings Co. Ltd. has acquired two Class A office buildings in Washington for $259 million. The buildings, 1325 and 1341 G St., total 440,419 square feet and are located two blocks from the White House. Built in 1969 and renovated in 2017, 1325 G. St. consists of 307,705 square feet. Originally built in 1903 and also known as The Colorado Building, 1341 G. St. consists of 132,714 square feet of office and retail space. Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson of HFF arranged the sale on behalf of the sellers, Westbrook Partners LLC and TIER REIT Inc. HFF also procured the buyer. In June 2015, HFF arranged the joint venture between Westbrook and TIER REIT. The partners repositioned the properties with a lobby renovation. Westbrook is a real estate investment management company with more than $14 billion of equity in over $50 billion of real estate transactions. TIER REIT (NYSE: TIER) is a real estate investment trust based in Dallas with a focus on owning quality office properties. With this sale, TIER REIT has announced its exit from the Washington, D.C. market. UNIZO is a real estate company based in Tokyo. …

April 28, 2017

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Originates $183.1M in Financing for Two Multifamily Properties in D.C.

by John Nelson April 11, 2017

WASHINGTON, D.C. — Walker & Dunlop has arranged two loans totaling $183.1 million for Park Chelsea and 2M, two LEED-certified multifamily properties in Washington, D.C. Brendan Coleman, Keith Melton and David Strange led the Walker & Dunlop origination team, which arranged the transactions through Fannie Mae’s Green certification execution for Park Chelsea and the U.S. Department of Housing and Urban Development’s (HUD) refinance program for 2M on behalf of WC Smith, a developer and owner of affordable housing in the Mid-Atlantic region. Situated in Washington, D.C.’s NoMa district, 2M is a LEED Gold-certified property with 93 percent of its units reserved for low-income tenants, including renters using Section 8 vouchers. Community amenities include a rooftop pool, grilling area, indoor fitness center and basketball court and 24-hour concierge services. The property was 99 percent occupied at closing. WC Smith, which closed a HUD development loan for 2M two years ago, will use the $63.8 million loan to refinance existing debt. Park Chelsea is the first of three properties that will be known as The Collective, a rental community located in Washington, D.C.’s Capitol Riverfront. As a LEED Silver-certified building, the property qualified for Fannie Mae’s Green Building Certification financing, which totaled …

April 11, 2017

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