WASHINGTON, D.C. — High Street Residential, the multifamily subsidiary of Trammell Crow Co., and its joint venture equity partner have teamed up with Central Armature Works (CAW) to redevelop an existing CAW electrical repair and supply warehouse at 1200 3rd St. N.E. in Washington, D.C. High Street Residential plans to transform the 2.5-acre parcel in Washington’s NoMa neighborhood into an apartment building, condominium building, outdoor public space, street-level retail and a hotel. The transit-oriented project will be located directly adjacent to the NoMa Metro station. HFF represented CAW in the land sale.
WASHINGTON, D.C. — HFF has arranged two loans totaling $36.2 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites in Washington, D.C. The two adjacent hotels each have 126 guest rooms and feature a breakfast area, lobby, fitness center, swimming pool, business center and between 600 and 800 square feet of meeting space. The Holiday Inn Express & Suites (1917 Bladensburg Road) and the Fairfield Inn & Suites (2305 New York Ave. N.E.) share 251 parking spaces on approximately 3.6 acres at the intersection of Bladensburg Road and New York Avenue. Mark Remington of HFF arranged the $19.3 million loan for Holiday Inn Express & Suites and the $16.9 million loan for Fairfield inn & Suites through Burke & Herbert Bank on behalf of the borrower, Rocks Engineering Co. The fixed-rate loans each have a term of 10 years.
WASHINGTON, D.C. — John Hancock Real Estate has acquired 1750 Pennsylvania Avenue NW, a 13-story, Class A office building located in Washington, D.C.’s central business district, for $182 million. The 278,916-square-foot office building was 97 percent leased at the time of sale. The LEED Gold-certified property underwent renovations in 2001 and 2014. The property is located between the White House one block to the east and the World Bank headquarters one block to the west. John Hancock is the U.S. division of Manulife Financial Corp., one of the largest life insurance companies in the world.
WASHINGTON, D.C. — HFF has arranged $32 million in financing for Kennedy Row, a newly built, 141-unit apartment community located in Washington, D.C.’s Capitol Hill neighborhood. The Class A property is located at 1717 E. Capitol St. S.E. across the street from Eastern Senior High School. Built in 2013, the property features a rooftop terrace, an on-site fitness center, pet cleaning station, bike storage and underground parking. The asset was 94 percent occupied at the time of financing. Michael Gigliotti, Sue Carras, Walter Coker and Brian Crivella of HFF arranged the seven-year, floating-rate loan through HSBC Bank on behalf of the borrower, a joint venture between TRITEC Real Estate Co. and The JBG Cos. The loan proceeds were used to refinance existing construction debt on the property.
WASHINGTON, D.C. — HFF has arranged a $66.8 million acquisition loan for 11 Dupont Circle, a 155,713-square-foot office building located in Washington, D.C.’s Dupont Circle neighborhood. Sue Carras and Dan McIntyre of HFF led the debt placement team in securing the 15-year, fixed-rate loan on behalf of the borrower, First Potomac Realty Trust. The loan was placed through an insurance company advised by an affiliate of Walton Street Real Estate Debt in conjunction with KeyBank Real Estate Capital. Renovated in 2004, 11 Dupont Circle was 96 percent leased at the time of financing.
WASHINGTON, D.C. — Douglas Development Corp. (DDC) has secured $93.5 million in construction financing for Uline, DDC’s mixed-use development in Washington, D.C. The development will be located at 1140 3rd St. N.E. directly across from the NoMa-Gallaudet U Metro station. Upon completion in the fall of 2016, Uline will feature 174,000 square feet of loft office space with rooftop decks and 70,000 square feet of retail space, including a 51,000-square-foot REI. The $93.5 million financing includes a $75.5 million construction loan from Natixis Real Estate Capital and $18 million in preferred equity from EB5 Capital. The financing represents roughly 75 percent of the Uline’s total construction cost, and DDC will provide the remaining balance with sponsor equity. For EB5 Capital’s portion, 36 immigrant investors each contributed $500,000, making them eligible to apply for permanent U.S. residency through the EB-5 Immigrant Investor Program. Phillips Realty Capital is EB5 Capital’s joint venture partner. The Uline project is expected to create roughly 450 jobs.
WASHINGTON, D.C. — Capital One has closed a $110 million non-recourse bridge loan for the refinancing of a six-story office building located at 64 New York Ave. in Washington, D.C. Capital One served as sole lead agent, sole bookrunner and administrative agent for the loan. Capital One provided the loan on behalf of the borrower, a property fund managed by Brookfield Asset Management. The office building is primarily leased to the Washington, D.C., government, according to Capital One.
WASHINGTON, D.C. — Akridge and Brandywine Realty Trust have partnered to develop 25M Street, a 275,000-square-foot trophy office asset in Washington, D.C.’s Capitol Riverfront district. The asset will be located at the corner of Half and M streets adjacent to Nationals Park, the ballpark for the Washington Nationals. Upon completion, the property will have a large modern lobby, 3,000-square-foot fitness center, rooftop terrace with views of the ballpark and 25,000 square feet of street-level retail, dining and entertainment space. HOK is the architect for the project, which will be located across from the Navy Yard Metro Station. Randy Harrell, Kevin Howard, Joe Coleman and Melissa Byrd of CBRE will be marketing the building on behalf of the partnership. Also underway adjacent to Nationals Park is F1RST, a multifamily and retail asset being developed by Grosvenor Americas.
WASHINGTON, D.C. — Hilton Worldwide and Hyatt Hotels Corp. plan to open a dual-branded, 413-room hotel at The Wharf, a mile-long waterfront mixed-use development in Washington, D.C. The brands include a 175-room Canopy by Hilton and a 238-room Hyatt House. The hotel site includes more than 30,000 square feet of street-level retail and restaurant space and two levels of below-grade parking. The asset will be located between Maine Avenue and Wharf Street, adjacent to 7th Street Park. Upon completion in the fall of 2017, the dual hotel will span 300,000 square feet and will include a cafe/bar and other dining options; 1,100-square-foot fitness center; 2,500 square feet of meeting room space; courtyard with outdoor terraces and water features; outdoor pool; and a rooftop bar with views of the Washington Channel. The penthouse will include an additional 10,000-square-foot lounge area with views of the Potomac River. Hoffman-Madison Waterfront is the master developer of The Wharf, and SmithGroup JJR is the architect of the dual-branded hotel property.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Rhode Island Gardens, a 81-unit apartment community located at 230 Rhode Island Ave. N.E. in Washington, D.C. UIP purchased the asset from Roydun Corp., an affiliate of DARO Realty, for $7.6 million. CBRE represented the seller in the transaction. Originally built in 1931, the apartment property is located in Washington’s Edgewood neighborhood a half mile from the Rhode Island Avenue Metro station. UIP coordinated the acquisition with the Rhode Island Gardens Tenant Association, and the two entities are planning a $7 million renovation that will be performed by UIP General Contracting Inc., a subsidiary of UIP.