District of Columbia

3945 Connecticut Ave. N.W. in Washington, D.C.

UIP Acquires Apartment Building in D.C. for $13.3M, Plans $18M Renovation

by John Nelson May 29, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Tilden Hall, a 76-unit apartment building located at 3945 Connecticut Ave. N.W. in Washington, D.C.’s Cleveland Park neighborhood. The seller, DARO Realty, which owned the property since 1955, disposed the asset for $13.3 million. Robert Meehling and Brian Margerum of CBRE represented DARO Realty in the transaction. UIP coordinated the acquisition — its third for 2015 — with the Tilden Hall Tenants Association. UIP and the association also worked together to plan a major renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The $18 million project will include upgrading the building’s electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors (with a particular focus on kitchens and baths), while maintaining the structure’s historic character. A small addition in the rear of the building will also be constructed.

May 29, 2015

District of Columbia Mixed-Use Southeast

D.C. Waterfront Development Adds Nine New Retailers, Restaurants

by John Nelson May 22, 2015

WASHINGTON, D.C. — National Harbor, a waterfront retail destination in Washington, D.C., has announced nine new retailers and restaurants now open or coming to the development. The stores and restaurants include Granite City Food & Brewery, Betty, SUCCOTASH, Chipotle Mexican Grill, Starbucks Coffee, Savannah’s Candy Kitchen, Marbles | The Brain Store, The Esplanade, Boating in D.C. and Pinkberry’s. Additionally, a new 190-room AC Hotel by Marriott recently opened at National Harbor, as well as a 262-unit luxury apartment community known as The Esplanade. The 350-acre National Harbor boasts 3,000 hotel rooms including the Gaylord National Resort & Convention Center, 150 stores including Tanger Outlets, and 30-plus restaurants, hundreds of residential and office units, tree-lined promenades and a marina. It is also home to The Capital Wheel, a 180-foot observation wheel overlooking the Washington, D.C., skyline. Additionally, in 2016 MGM Resorts International will open a $925 million casino complex on 23 acres with a 300-suite hotel.

May 22, 2015

District of Columbia Loans Mixed-Use Southeast

Capital One Closes $90M Construction Loan for Mixed-Use Project in D.C.

by John Nelson May 15, 2015

WASHINGTON, D.C. — Capital One Bank has closed a $90 million construction loan for Grosvenor America’s new mixed-use development in Washington, D.C.’s Capital Riverfront District. The project, named F1RST, will be located adjacent to Nationals Park baseball stadium. F1RST, will span 300,000 square feet and comprise a 13-story apartment building, 170-room Residence Inn by Marriott and 22,000 square feet of retail space. The multifamily component will feature amenities such as a rooftop swimming pool and hot tub, outdoor kitchens, fitness center, lounge, courtyard garden, pet spa and concierge services. Grosvenor Americas has executed leases with Taylor Gourmet and Chop’t for the retail portion. The project team includes contractor Clark Construction Group and McCaffery Interests. Capital One plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley of Capital One’s Washington office originated the loan on behalf of Grosvenor Americas.

May 15, 2015

2144 California St. N.W. Washington, D.C.

District of Columbia Multifamily Southeast

CBRE Brokers $27M Sale of Apartment Community in Northwest D.C.

by John Nelson April 27, 2015

WASHINGTON, D.C. — CBRE has brokered the $27 million sale of The Envoy, now known as 2144 California St. N.W., a 113-unit multifamily community in northwest Washington, D.C.’s Kalorama Heights community. A joint venture between Federal City Property Investors LLC and CBD LLC purchased the asset from an undisclosed seller. Robert Meehling and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller, along with CBRE’s Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum and Martha Hastings. HFF arranged the joint venture equity partnership and secured debt financing through United Bank. The HFF team included Brenden Flood, Alan Davis, Dave Nachison, Bret Thompson, Tim Stanton, Daniel McIntyre, Nicholas Demas, Chuck Berman and Tracey Appelbaum.

April 27, 2015

District of Columbia Loans Office Southeast

HFF Arranges $14.5M Acquisition Loan for D.C. Office Building

by John Nelson April 16, 2015

WASHINGTON, D.C. — HFF has arranged a $14.5 million acquisition loan for a 32,000-square-foot office building located at 1509 16th St. N.W. in Washington, D.C.’s Dupont Circle neighborhood. Dan McIntyre of HFF arranged the 10-year, fixed-rate loan through First National Bank on behalf of the borrowers, MidAtlantic Realty Partners LLC and UberOffices. In addition to the acquisition, the borrowers will use the loan proceeds to fund renovation/lease up costs. Originally built in 1909, the building will be fully renovated by early 2016 for UberOffices, which will occupy the entire office building.

April 16, 2015

District of Columbia Retail Southeast

Divaris Real Estate Brokers $5.5M Sale of Shopping Center in D.C.

by John Nelson April 16, 2015

WASHINGTON, D.C. — Divaris Real Estate Inc. has brokered the sale of Brookland Plaza, an 18,000-square-foot shopping center located at 3730 10th St. N.E. in Washington, D.C. Urban Investment Partners purchased the asset from Jan and Anna Slamen Family Trust for $5.5 million. Joseph Farina, John Camp and Amit Grover of Divaris represented the buyer and seller in the transaction.

April 16, 2015

District of Columbia Loans Multifamily Southeast

Greysteel Arranges $21.5M in Refinancing for Multifamily Portfolio in D.C.

by John Nelson April 15, 2015

WASHINGTON, D.C. — The Greysteel Co. has arranged $21.5 million to refinance a three-property, 193-unit multifamily portfolio located in Washington, D.C.’s Capitol Hill East neighborhood. Mark Bittenbender, Matthew Schwartz, Ari Firoozabadi and Paul Pierre of Greysteel arranged the loan through a conduit lender on behalf of the borrower, Capitol East Partners.

April 15, 2015

District of Columbia Office Southeast

Brookfield Property Partners Inks 50,000 SF Lease with Law Firm at 2001 M St. in D.C.

by John Nelson April 15, 2015

WASHINGTON, D.C. — Brookfield Property Partners LP has signed law firm Bracewell & Giuliani LLP to a 50,000-square-foot lease at 2001 M St. N.W., an office building currently under construction in Washington, D.C. The trophy office asset is slated to be delivered in spring 2016 and will feature a two-story lobby, rooftop terrace and a fitness center. The law firm is 2001 M. St.’s first major tenant, according to Brookfield. Tim Relyea, Malcolm Marshall and Sherry Cushman of Cushman & Wakefield represented the law firm in the lease transaction. David Bevirt, Cy Kouhestani and Melanie Stehmer-Townsend were Brookfield’s internal representatives in the lease deal.

April 15, 2015

District of Columbia Mixed-Use Southeast

First-Ever Crowdfunded Real Estate Project Opens in D.C.

by John Nelson April 14, 2015

WASHINGTON, D.C. — Fundrise has announced that the first-ever crowdfunded real estate project has opened in Washington, D.C.’s H Street Corridor. The project is known as Maketto, a communal food and retail market located at 1351 H St. N.E. The property will include a new restaurant from chef Erik Bruner-Yang of Toki Underground in D.C.; a DURKL retail store; gourmet coffee shop; bakery; and outdoor vendor stalls. Fundrise raised $325,000 from 175 individual, unaccredited investors who invested anywhere from $100 to $10,000 into the project. Maketto was not only Fundrise’s first offering when the platform launched in 2012, but the first real estate project in the country to allow investment from individuals online. Since its founding, Fundrise has activated more than 50,000 investors for real estate projects in top markets around the country, including landmark developments such as 3 World Trade Center in Manhattan. For a video on the Maketto project, click here.

April 14, 2015

District of Columbia Multifamily Southeast

Greysteel Brokers Sale of Apartment Community in Northeast D.C.

by John Nelson April 8, 2015

WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Hampton Park, a 24-unit multifamily that also includes an adjacent land parcel located at 1215-1225 49th St. in northeast Washington, D.C. The property is located in Washington’s Deanwood neighborhood and is situated three blocks from the Deadwood Metrorail station. The seller, Mary Jenkins, sold the asset to Saha Capital Investments LLC for an undisclosed amount. Ari Firoozabadi, Kyle Tangney, John Mullen, Lance Ahmadian, Mike Bediones, Jake Ying and Alicia Orkisz of Greysteel represented the seller in the transaction.

April 8, 2015

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