Maryland

Greystar Closes $600M in Financing for Three Student Housing Projects in Texas, Maryland

by Kristin Harlow November 3, 2021

AUSTIN, TEXAS AND COLLEGE PARK, MD. — Greystar has closed on $600 million in financing for the development of three student housing projects located in Texas and Maryland. Construction on all developments began in October with completion scheduled for fall 2024. The projects include Union on San Antonio, a $171 million, 991-bed high-rise being built through a public-private partnership with the St. Austin Catholic Parish. The project is located one block from the University of Texas at Austin campus and will include a new Catholic parish, rectory and K-8 school for $32 million. Page designed the student housing tower, which will feature shared amenities including a swimming pool, rooftop deck and fitness center. Greystar’s Austin team will oversee the construction of the project with Hensel Phelps as general contractor. The second development serving students attending the University of Texas is Union on 24th, a $262 million, 1,448-bed high-rise community in Austin’s West Campus neighborhood. Greystar will lead the development and self-perform construction. The final project is Knox Road, a $140 million community near the University of Maryland in College Park. The project is being developed through a public-private partnership with Terrapin Development Co., an entity comprised of the University of Maryland …

November 3, 2021

Acquisitions Maryland Multifamily Southeast

Grosvenor Americas Sells 648-Unit Apartment Community in Gaithersburg, Maryland

by Julia Sanders November 2, 2021

GAITHERSBURG, MD. — Grosvenor Americas has sold Sawyer Flats, a 648-unit apartment community located at 9806 Mahogany Drive in Gaithersburg to an undisclosed buyer. The sales price was not disclosed. Newmark represented Grosvenor in the sale transaction. Sawyer Flats offers one-, two- and three-bedroom floorplans with unit sizes ranging from 715 to 1,556 square feet. Built in 1989, the property includes features such as in-unit washers and dryers, stainless steel appliances, built-in bookshelves, hardwood floors, walk-in closets and balconies and patios. Community amenities include onsite maintenance, package services, a pool, clubhouse, playground and a tennis court. Under Grosvenor’s ownership, the property had a comprehensive repositioning and rebranding program in 2016 to update unit interiors, landscaping and resident amenities. Other improvements include unit finishes, new outdoor fitness stations and fireside social lounges. Christian Siding was the general contractor for the property improvements. Grosvenor’s Environmental, Social and Governance (ESG) program allowed the firm to finalize an agreement with Montgomery County to offer several affordable units at Sawyer Flats.

November 2, 2021

Loans Maryland Multifamily Southeast

KeyBank Secures $53.7M Refinancing for Multifamily Community in Largo, Maryland

by Julia Sanders October 28, 2021

LARGO, MD. — KeyBank Real Estate Capital has secured $53.7 million of fixed-rate Freddie Mac financing for Truman Park Apartments, a 284-unit mid-rise complex in Largo. Dirk Falardeau and Matt Purtell of KeyBank Real Estate Capital structured the refinancing with a 10-year, interest-only period on behalf of the borrower, The Dolben Co. Built in 2002, Truman Park includes seven four- and five-story residential buildings on nearly 10 acres of land. The property offers one- and two-bedroom floorplans with units that feature full-size washers and dryers, gas fireplaces, nine-foot ceilings and patios or balconies. Community amenities include a fitness center, swimming pool, nature trail, car wash area, gated entry, five-story parking garage and a club suite. Located at 601 Harry S. Truman Drive, the apartment community is situated about 13.2 miles from the University of Maryland, 13.4 miles from Washington, D.C. and 17.3 miles from Alexandria, Va.

October 28, 2021

Development Maryland Seniors Housing Southeast

Kisco, Welltower Begin Construction on Seniors Housing Project in Gaithersburg, Maryland

by Julia Sanders October 28, 2021

GAITHERSBURG, MD. — Carlsbad, Calif.-based Kisco Senior Living and joint venture partner Welltower Inc. have broken ground on The Carnegie at Washingtonian Center, a seniors housing project in Gaithersburg. The seven-story complex will offer 302 one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Floorplan options will range in size from one-bedroom, one-bath with an average of 837 square feet to two-bedrooms, two-baths and a den at about 1,487 square feet, as well as a club level living option that includes concierge and valet services. Situated on 8.5 acres, The Carnegie is slated for completion by the spring of 2024. The property is located beside RIO Lakefront at Washingtonian Center, a popular area shopping center. Community amenities will include indoor and al fresco dining venues; an indoor heated, saltwater pool; fitness center; wellness spa; yoga studio; and access to healthcare onsite. Additional amenities will include a lecture hall, computer learning center, art gallery, cooking demonstration kitchen and an outdoor landscaped park with a trail. THW Design is the project’s architect, StudioSIX5 is the interior designer and Balfour Beatty is the general contractor.

October 28, 2021

Development Leasing Activity Maryland Office Southeast

Choice Hotels Moves Headquarters to Pike & Rose Office Tower in North Bethesda, Maryland

by Julia Sanders October 26, 2021

NORTH BETHESDA, MD. — Choice Hotels International Inc. has signed a long-term lease to occupy 105,000 square feet in 915 Meeting St., a 276,000-square-foot office building to be constructed in North Bethesda. The office tower will be situated within Pike & Rose, a mixed-use development owned and developed by Federal Realty Investment Trust. Expected to break ground later this year, 915 Meeting St. will serve as Choice Hotels International’s new headquarters. Bernie McCarthy and Danny Sheridan of JLL represented Federal Realty in the lease negotiations, and Steve London of Savills represented Choice Hotels. The 16-story office building will feature amenities such as a rooftop conference center with collaborative common areas and a fitness center, as well as 9,600 square feet of ground floor retail space, approximately 25,000-square-foot flexible floor plates and 700 dedicated parking spaces. Gensler designed the building to achieve LEED Gold certification. Pike & Rose is a transit-oriented mixed-use development with more than 400,000 square feet of retail, services, dining and entertainment offerings. The development includes 300,000 square feet of existing office product as well, which includes tenants such as Bank of America, JLL, Industrious, OneDigital and Federal Realty’s corporate headquarters. The building is 40 percent preleased to …

October 26, 2021

Development Maryland Restaurant Retail Southeast

GBT Realty, Cana to Open Food Hall at Ellsworth Place in Silver Spring, Maryland

by John Nelson October 22, 2021

SILVER SPRING, MD. — Brentwood, Tenn.-based GBT Realty Corp., in partnership with Baltimore-based Cana Development, plan to open Commas, a food hall within the 350,000-square-foot Ellsworth Place shopping center in downtown Silver Spring. Opening in spring 2022 on the second level of Ellsworth Place, Commas will take up 13,000 square feet of space and include a collection of 12 food and beverage merchants. Commas expects to create a diverse menu of food from Ethiopia to Korea, Malaysia to El Salvador and Italy to New Jersey. Designed by Washington, D.C.-based architecture and interior design firm GrizForm Design Architects, Commas will offer a range of seating options and special event capabilities. In addition to the permanent restaurant spaces, the food hall will also feature a central bar experience. Design plans also include seven communal seating areas, open kitchen installations with window peeks and chef counters and a light-toned color palette with natural wood furniture.

October 22, 2021

Loans Maryland Multifamily Southeast

Greystone Provides $18.2M Refinancing for Multifamily Property in Lanham, Maryland

by Julia Sanders October 11, 2021

LANHAM, MD. — Greystone has provided an $18.2 million Fannie Mae loan to refinance Lilly Gardens, a 142-unit multifamily community in Lanham. Cullen O’Grady of Greystone originated the 10-year, non-recourse loan. Built in 1965, Lilly Gardens features 42 one-bedroom units; 25 one-bedroom units with a den; 68 two-bedroom units; and seven three-bedroom units. Apartments include a garbage disposal, hardwood floors, air conditioning, patio/balcony and free gas heat/cooking. Community amenities include an onsite leasing office, parking, playground, swimming pool and eight common laundry areas. The property was 99 percent occupied at the time of refinancing. Located at 6828 Riverdale Road across 6.2 acres, the apartment property is located about 10 miles from Washington, D.C. The property is also three miles from the University of Maryland and 24.2 miles from Baltimore/Washington International Thurgood Marshall Airport. Greystone sourced the transaction through Marc Tropp of Eastern Union Funding. The undisclosed borrower is a Maryland-based private investor and repeat Fannie Mae, Eastern Union and Greystone client.

October 11, 2021

Development Maryland Office Southeast

Cushman & Wakefield Announces $10M Redevelopment Project for Office Property in Bethesda

by Julia Sanders October 4, 2021

BETHESDA, MD. — Cushman & Wakefield has announced an over $10 million capital improvement program for 4800 Hampden Lane, a Class A, 185,000-square-foot office building located in Bethesda. New York-based Anne and Bernard Spitzer Charitable Trust owns the office property. 4800 Hampden Lane is a 12-story building that features terraces exclusive to tenants, six elevators, 24/7 security, onsite garage parking and onsite property management. The property is located close to the Capital Crescent Trail, an off-road trail that runs from Georgetown in Washington, D.C. to Bethesda. The property is currently 95 percent leased to tenants including Boston Consulting Group, Paley Rothman, Salamandra, EYA and Declaration Partners. The redevelopment of 4800 Hampden Lane will include the addition of a new conference center; new fitness center, including private/dedicated workout kiosks and separate locker rooms with towel service; a new bike storage facility; upgraded lobby and enhancements to the façade. Renovations at the property will begin within the next two months and are slated to be complete by fall 2022. Michael Katcher and Katie Datin of Cushman & Wakefield are the exclusive leasing brokers for the property.

October 4, 2021

Development Industrial Maryland Office Southeast

Trammell Crow Co., Capital Electric Break Ground on 362,880 SF Office/Industrial Facility in Upper Marlboro, Maryland

by Julia Sanders September 30, 2021

UPPER MARLBORO, MD. — Capital Lighting and Supply LLC and development partner Trammell Crow Co. have broken ground on a 362,880-square-foot, Class A office and warehouse build-to-suit facility in Upper Marlboro. Construction is slated for completion in the fourth quarter of 2022. Located at 8711 Westphalia Road, the new facility will feature over 40,000 square feet of office space with a training center, corporate offices and a will-call for local pickup. The warehouse component of the building includes 30-plus-foot bays for storage and features a distribution center automation technology. The facility will be located adjacent to the Capital Lighting and Supply’s current location and is meant to accommodate the firm’s 240 employees. Capital Lighting and Supply received conditional loans from both the Maryland Department of Commerce and Prince George’s County to support the project. MGMA Architects is serving as the architect, while Glen Arm Construction Co. is the general contractor.

September 30, 2021

Acquisitions Hospitality Maryland Southeast

Condor Hospitality Trust to Sell Entire Hotel Portfolio to Blackstone for $305M

by Jeff Shaw September 27, 2021

BETHESDA, MD. — Condor Hospitality Trust Inc. (NYSE: CDOR) has agreed to sell its entire hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million. The all-cash transaction does not include the assumption of any existing debt. Completion of the deal, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the company’s shareholders. The Bethesda-based real estate investment trust’s hotel portfolio includes 15 properties in eight states. Blackstone entered into voting agreements with Condor’s certain shareholders that hold approximately 60 percent of the common shares. Those shareholders voted in favor of the transaction.

September 27, 2021

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