District of Columbia

Saks Fifth Avenue OFF 5TH Expands Footprint in Greater D.C. Area

by John Nelson September 20, 2016

SPRINGFIELD, VA. AND WASHINGTON, D.C. — Saks Fifth Avenue OFF 5TH has two locations opening in the metro Washington, D.C., area within a week of each other. The new locations total more than 60,000 square feet. The retailer has opened a two-level, 30,000-square-foot store at Springfield Town Center in Springfield, with plans to open a 33,000-square-foot store at 555 12th St. N.W. in Washington, D.C., this week. The Springfield store is the first Saks OFF 5TH to open in northern Virginia and the first in PREIT’s portfolio. The D.C. store will open on Thursday within the historic Thurman Arnold Building. According to Jonathan Greller, president of Saks OFF 5TH, there will be two more locations opening in the Mid-Atlantic region in October.

September 20, 2016

Affordable Housing District of Columbia Loans Multifamily Southeast

D.C. Housing Finance Agency Provides $21.6M Financing for Affordable Housing Community

by John Nelson September 20, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $21.6 million in bonds for the acquisition and construction for The Beacon Center, an affordable housing complex in Washington, D.C. The project is a redevelopment of the historic Emory United Methodist church now standing at 6100 Georgia Ave. N.W. in D.C.’s Brightwood neighborhood. The financing comprises $14.3 million in short-term bonds and $7.3 million long-term. The $42.5 million development will include sanctuary space for Emory United Methodist and 99 units of affordable housing reserved for renters earning 60 percent or less of the area median income (AMI). In addition to the DCHFA issued bonds, The Beacon Center will be financed by a combination of $16 million of equity raised through the syndication of low income housing tax credits (LIHTCs) by Red Stone Equity Partners, a $17.2 million loan from the D.C. Department of Housing and Community Development’s Housing Production Trust Fund and $900,000 of Neighborhood Investment Funds administered by the Office of the Deputy Mayor for Planning and Economic Development. The District’s Local Rent Supplement Program will be used to provide rental assistance for eight permanent supportive housing units within The Beacon Center reserved for formerly homeless …

September 20, 2016

District of Columbia Office Southeast

Harbor Group International Sells Office Building in D.C. for $140.5M

by John Nelson September 1, 2016

WASHINGTON, D.C. — Harbor Group International (HGI) has sold a 297,238-square-foot office building located at 820 First St. in Washington, D.C., for $140.5 million. The building’s anchor tenant is the regional headquarters of CNN. HGI, along with investment partners Capstone Equities and Image Capital, purchased the office building in October 2012 for $107 million. Built in 1990, the 11-story building in D.C.’s Capitol Hill North submarket was 96 percent leased at the time of sale to tenants such as Accenture and various U.S. government agencies.

September 1, 2016

District of Columbia Mixed-Use Southeast Top Stories

Balfour Beatty to Build $196M North Block Phase of D.C.’s Capitol Crossing Development

by Christina Cannon August 25, 2016

WASHINGTON, D.C. — Balfour Beatty has been awarded a $196 million contract to build the North Block phase of Property Group Partners’ Capitol Crossing development in Washington, D.C. The North Block phase will include the construction of two 12-story, mixed-use office buildings totaling 960,000 square feet that will be connected by a glass connector bridge. Capitol Crossing is a 2.2 million-square-foot project that will span three blocks and seven acres once complete. The project will include 70,000 square feet of retail space, garden promenades, 1,100 parking spaces, a fitness center and 440 bicycle spaces. The average floor plate at Capitol Crossing will be 30,000 square feet. “Property Group Partners has a strong belief in reimagining cityscapes and revitalizing neighborhoods through sustainable building and innovative engineering,” says Leon Blondin, president of Balfour Beatty’s Mid-Atlantic division. “We’re honored to be their construction partner in building this truly historic development in the downtown core that will reconnect long-divided Capitol Hill to the East End. Having already managed the preconstruction, utility relocation and platform construction phases, it’s very gratifying to continue our work to take this project vertical and deliver its first two mixed-use buildings.” Work is scheduled to first begin on the building …

August 25, 2016

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Secures $54.3M Fannie Mae Green Loan for Apartment Community in D.C.

by John Nelson August 22, 2016

WASHINGTON, D.C. — Walker & Dunlop Inc. has structured a $54.3 million Fannie Mae loan to refinance The Esplanade at National Harbor, a 262-unit, Class A apartment community located in National Harbor, just south of Washington, D.C. The property’s LEED certification qualified the loan for Fannie Mae’s Green MBS program, which enabled the borrower, The Peterson Cos., to receive lower pricing. The 10-year, refinance loan term includes five years of interest-only payments followed by a 30-year amortization schedule. Dan Martin and Brendan Coleman led the Walker & Dunlop team in originating the loan. The property is situated within National Harbor, the Peterson Cos.’ flagship master-planned development across the Potomac River from Alexandria, Va., and just south of the Capital Beltway (I-495). Anchored by the Gaylord National Resort and Convention Center, National Harbor features five additional hotels, 150 stores and over 30 dining locations. National Harbor is also the site of the Tanger Outlet Mall and the upcoming MGM Casino National Harbor. Amenities include a courtyard area, resort-style pool, fitness center, virtual golf and walkable access to the Potomac River waterfront.

August 22, 2016

District of Columbia Retail Southeast

Harris Teeter to Expand in Mid-Atlantic

by John Nelson August 22, 2016

WASHINGTON, D.C. — Harris Teeter is set to expand in northern Virginia, Maryland and Washington, D.C. The grocer, which is owned by Kroger, has retained Arlington, Va.-based Next Realty Mid-Atlantic to handle the expansion. George Galloway of Next Realty Mid-Atlantic will be the lead contact for the account, supported by team members Andrew Rose, Andrew Tkach, Mellisa Peterson and Kelsey Beerman. Harris Teeter currently has 44 stores open, one under construction and two planned.

August 22, 2016

District of Columbia Office Southeast

Akridge, Western Development Acquire Former Coast Guard Headquarters in D.C. for $49.3M

by John Nelson August 19, 2016

WASHINGTON, D.C. — Western Development Corp. and Akridge have led a consortium of real estate developers and investors, including Orr Partners, Redbrick LMD LLC and Jefferson Apartment Group, to acquire 2100 Second St. S.W. in Washington, D.C., the site of the former U.S. Coast Guard headquarters at Buzzard Point. The sales price was undisclosed, but the Washington Business Journal reports the sales price to be $49.3 million. The team will redevelop the site into Riverpoint, a mixed-use development comprising 80,000 square feet of restaurant and retail space, more than 450 apartment and condominium units and waterfront activities with new piers, floating restaurants and the continuation of the Anacostia Riverwalk Trail. EagleBank and Greenfield Partners provided financing for Riverpoint, which will feature three sides of unobstructed water views. Orr Partners and Jefferson Apartment Group will co-develop the property, and Western will lead the development and leasing of the retail and waterfront portions of the project. Washington, D.C.-based Redbrick sourced, capitalize, and structured the transaction.

August 19, 2016

District of Columbia Multifamily Southeast

UIP Acquires Former George Washington University Dorms for $36M

by John Nelson August 15, 2016

WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired a 10-story building at 2601 Virginia Ave. N.W. across from the Watergate mixed-use complex in Washington, D.C., for $36 million. The seller, George Washington University (GWU), formerly used the building as student housing for 17 years. GWU demolished the property’s interior about a year ago, planning to create new student and faculty housing, but decided to sell the property instead. Bobby Meehling, Andy Wimsatt, and Peter Larkin of CBRE represented GWU in the sale. UIP plans to develop Boathouse on the site, which will feature about 200 rental apartments within the existing 97,300-square-foot core and shell, as well as an additional 50 units in a new 40,000-square-foot addition on the building’s east side. UIP will also develop an 8,000- to 10,000-square-foot restaurant/coffee shop on the first floor, which will be a fully activated space for residents and neighbors. The building has underground parking for 200 vehicles, plus bike storage and care facilities with lockers. Boathouse will also feature a rooftop recreational area with river views and a deck, swimming pool, fire pits, gourmet kitchen, and 2,000-square-foot fitness center. Other amenities will include a bike share program, library, multimedia theater and a …

August 15, 2016

District of Columbia Multifamily Southeast

Marcus & Millichap Brokers Sale of Multifamily Development Site in D.C.

by John Nelson August 11, 2016

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 10,780-square-foot tract of land located at 2027 Rhode Island Ave. N.E. in Washington, D.C. The site currently houses a 3,739-square-foot mixed-use property. An unnamed developer purchased the site for $1.9 million with plans to develop more than 30 multifamily residences. Benjamin Wilson, Ryan Smith and Josh Feldman of Marcus & Millichap represented the seller in the transaction. Wilson, Smith and Feldman, along with Cameron Webb of Marcus & Millichap’s Washington, D.C., office, secured the buyer.

August 11, 2016

District of Columbia Hospitality Loans Southeast

New York Life Real Estate Investors Originates $140M Loan for The Apartments at CityCenterDC

by John Nelson July 27, 2016

WASHINGTON, D.C. — New York Life Real Estate Investors has originated a $140 million, 10-year loan for the leasehold interest in The Apartments at CityCenterDC in downtown Washington, D.C. The 458-unit, Class A apartment community is the multifamily component of CityCenterDC, a 10-acre mixed-use development under construction by Hines and Qatari Diar. The development will be located on the site of the former Washington Convention Center.

July 27, 2016

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