Maryland

St. John Properties Acquires 120,000 SF Aviation Business Park in Metro Baltimore

by John Nelson January 20, 2023

GLEN BURNIE, MD. — Locally based St. John Properties has acquired Aviation Business Park, a three-building commercial portfolio comprising 120,000 square feet in Glen Burnie, approximately 10 miles south of Baltimore. St. John acquired the properties — located at 6956, 6958 and 6960 Aviation Blvd. — from Miami-based Adler Real Estate Partners for $13.3 million. The buildings were roughly 63 percent leased at the time of sale. St. John plans to invest $1.5 million to reposition one of the properties to flex/R&D space. Graham Savage, Jonathan Carpenter and Dawes Milchling of Cushman & Wakefield represented the seller in the transaction. St. John was self-represented. This marks the second significant acquisition for the company in recent months, following the purchase in November of Triangle Business Park, a 95 percent occupied, four-building portfolio in metro Baltimore comprising 74,000 square feet.

January 20, 2023

Affordable Housing Loans Maryland Multifamily Southeast

KeyBank Provides $100M Bridge Financing for Affordable Housing Community in Metro Baltimore

by John Nelson January 17, 2023

GLEN BURNIE, MD. — KeyBank Community Development Lending and Investment (CDLI) has provided a $100 million bridge loan for Villages at Marley Station, a 757-unit mixed-income apartment community located in Glen Burnie, a suburb of Baltimore. The borrower, San Diego-based Fairfield, plans to renovate the property and convert 100 percent of the units to be affordable to households earning 60 percent of the area median income (AMI). Matt Haas and Greg Deeks of KeyBank structured the bridge financing, which will be re-syndicated later this year with 4 percent LIHTC equity, bonds and equity bridge loan funding for renovations that will take place over the next three years. Built in 1963 and renovated in 1997 and 2009, Villages at Marley Station consists of 26 elevator-serviced, low-rise buildings housing 35 studios, 428 one-bedroom, 281 two-bedroom and 12 three-bedroom apartments. Fairfield’s renovations to the interiors will include upgrades to HVAC, appliances, flooring, countertops, cabinets, bathtubs, plumbing and vanities. Common area improvements will be made to the property’s central laundry, clubhouse, pool equipment and furniture, fitness center, sport courts and playgrounds.

January 17, 2023

Loans Maryland Southeast Student Housing

Axiom Arranges $34.5M Refinancing for Student Housing Community Near University of Maryland

by John Nelson January 16, 2023

COLLEGE PARK, MD. — Axiom Capital Corp. has arranged the $34.5 million refinancing of a student housing property located near the University of Maryland in College Park. The fixed-rate, non-recourse loan was secured on behalf of an undisclosed borrower and features a three-year term. The unnamed student housing property offers 232 units alongside amenities including a swimming pool, fitness center, movie theater and shuttle service to both the University of Maryland and Howard University. Built in 2010, the community also offers a 629-stall parking garage and 30 surface-level parking spaces.

January 16, 2023

Loans Maryland Multifamily Office Southeast

JLL Arranges $193M in Refinancing for Two Properties in Downtown Columbia, Maryland

by John Nelson January 13, 2023

COLUMBIA, MD. — JLL Capital Markets has arranged separate refinancings totaling $193 million for two properties located in downtown Columbia. Jamie Leachman and Drake Greer of JLL secured the financing on behalf of the borrower, The Howard Hughes Corp. An undisclosed lender provided a $76 million, three-year, fixed-rate loan for the first property, a 317,189-square-foot office building located at 6100 Merriweather Drive. JLL also arranged a $117 million, five-year, fixed-rate loan for Juniper, an apartment community built in 2020 that also features 55,693 square feet of street-level retail space. Both properties are positioned within the mixed-use Merriweather District, and both loans were used to take out existing construction financing.

January 13, 2023

Acquisitions Affordable Housing Maryland Multifamily Southeast

Enterprise Community Development Acquires Metro D.C. Workforce Housing Community for $20M

by John Nelson January 12, 2023

SILVER SPRING, MD. — Enterprise Community Development Inc. has purchased Parkside Terrace Apartments, an 87-unit workforce housing community located in Silver Spring, a suburb of Washington, D.C. The buyer plans to preserve the natural occurring affordable housing (NOAH) property by reserving units for households earning up to 60 percent of area median income (AMI). Enterprise Community Development purchased the community from an undisclosed seller for $20 million. The Montgomery County Department of Housing and Community Affairs provided a $5 million bridge loan to the buyer through its Affordable Housing Opportunity Fund. Built in 1962, Parkside Terrace comprises one- and two-bedroom units spread across three- and four-story garden-style apartment buildings. Enterprise Community Development plans to make capital improvements to the property.

January 12, 2023

Acquisitions Maryland Retail Southeast

KLNB Arranges $10.8M Sale of Shopping Center in Upper Marlboro, Maryland

by John Nelson January 12, 2023

UPPER MARLBORO, MD. — KLNB has arranged the $10.8 million sale of Marlboro Square, a 92,649-square-foot shopping center located at 5715 Crain Highway in Upper Marlboro, a suburb of Washington, D.C. Vito Lupo, Chris Burnham, Andy Stape and Jake Furnary of KLNB represented the seller, an entity doing business as Marlboro Investors LLC, in the transaction. Renaud Consulting represented the undisclosed buyer. Marlboro Square was fully leased at the time of sale to tenants including grocery anchor Weis, Advance Auto Parts and Dollar Tree, as well as medical, fitness and food-and-beverage tenants.

January 12, 2023

Loans Maryland Multifamily Southeast

JLL Secures $28.4M Loan for Lake Arbor Towers Apartments in Metro D.C.

by John Nelson January 10, 2023

MITCHELLVILLE, MD. — JLL has secured a $28.4 million loan for Lake Arbor Towers, a 209-unit apartment community located at 11411 Lake Arbor Way in Mitchellville, about 14 miles east of Washington, D.C. Jamie Leachman, Jacqueline Meagher, Madeline Joyce and David Sloan of JLL arranged the 10-year, fixed-rate loan through Eastern Bank on behalf of the borrower, The Dolben Co. Built in 1989 and renovated in 2010, Lake Arbor Towers overlooks Northampton Lake. The community features 110 one-bedroom and 99 two-bedroom units, ranging in size from 675 square feet to 1,100 square feet. Community amenities include a swimming pool, sundeck, social room and a fitness center.

January 10, 2023

Acquisitions Maryland Retail Southeast

Neuman Arranges $4.5M Sale of Retail Center in Metro Baltimore

by John Nelson January 6, 2023

PARKVILLE, MD. — Neuman Commercial Group has arranged the sale of a 21,200-square-foot shopping center located at 1901‐7 E. Joppa Rd. in Parkville, roughly 10 miles northeast of Baltimore. Gil Neuman of Neuman represented the seller, Besche Realty, in the $4.5 million transaction. Originally built in 1965, the property was fully occupied by three tenants at the time of sale. The buyer was not disclosed.

January 6, 2023

Acquisitions Maryland Retail Southeast

Neuman Facilitates $5.7M Sale of Retail Center in Metro Baltimore

by John Nelson January 3, 2023

ARBUTUS, MD. — Neuman Commercial Group has arranged the sale of East Drive Shopping Center, a 65,155-square-foot retail center located in Arbutus, approximately eight miles outside of Baltimore. An affiliate of Bien/Paul Ventures sold the property to an undisclosed buyer for $5.7 million. The property was 72 percent occupied at the time of sale to tenants including Save‐A‐Lot, Dollar General, Pizza Boli’s and Cricket Wireless. Gil Neuman of Neuman represented the seller and procured the buyer in the transaction.

January 3, 2023

Development Maryland Multifamily Southeast

CP Capital, NRP Group to Develop 390-Unit Multifamily Community in Silver Spring, Maryland

by John Nelson December 21, 2022

SILVER SPRING, MD. — A joint venture between CP Capital and The NRP Group plans to develop White Oak, a 390-unit, wrap-style apartment community in Silver Spring, a suburb of Washington, D.C. The developers expect to break ground in the first quarter of 2023. First units are expected to deliver in the third quarter of 2024, with construction expected to be completed in the second quarter of the following year. The site will give future renters direct access to Montgomery County’s new FLASH Bus Rapid Transit System, MD Route 29, I-95 and the MD-200 Intercounty Connector. The five-story community will feature some townhome-style units, as well as an enclosed courtyard, sundeck and pool, outdoor cooking and dining areas, work-from-home amenities, dog park, pet spa and a fitness center. White Oak marks the second time CP Capital, formerly known as HQ Capital Real Estate, has partnered with The NRP Group, having previously developed the Rockwell in Massachusetts.

December 21, 2022

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