Maryland

Phillips Realty Capital Secures $58M Construction Financing for Apartment Project in Upper Marlboro, Maryland

by Julia Sanders May 13, 2021

UPPER MARLBORO, MD. — Phillips Realty Capital has secured $58 million in debt and equity financing for the construction of St. Joseph Apartments, a four-story, 268-unit multifamily project in Upper Marlboro. Mark Remington and Alec Jenkins of Phillips Realty arranged a $45.1 million construction loan through United Bank on behalf of the borrower, Varsity Investment Group. Additionally, Remington and Jenkins sourced a $12.8 million preferred equity investment by FCP. St. Joseph Apartments will be located one mile from the Largo Metro Station and near Woodmore Town Center, which has a Wegmans, Costco and Best Buy. Phillips Realty Capital is Bethesda, Md.-based commercial real estate finance firm. Varsity Investment Group is a commercial real estate development company specializing in student housing, market-rate, mixed-use and retail development. United Bank is a community bank and subsidiary of United Bankshares Inc.

May 13, 2021

Development Industrial Maryland Southeast

Matan to Open U.S. Manufacturing Facility for Ellume in Frederick, Maryland

by Julia Sanders May 12, 2021

FREDERICK, MD. — Matan will open a U.S. manufacturing facility in Frederick for the digital diagnostics company, Ellume. Once fully operational, the facility will have the capacity to produce 19 million Ellume COVID-19 Home Tests per month. The facility is on track to begin limited operation in the second half of 2021, and will be Ellume’s first U.S. located facility. The Ellume COVID-19 Home Test was the first rapid COVID-19 self-test to be granted Emergency Use Authorization by the U.S. Food and Drug Administration (FDA) for both asymptomatic and symptomatic use without a prescription. In February, Ellume announced a $231.8 million investment from the U.S. Department of Defense (DOD) and Department of Health and Human Services (HHS) to accelerate production of its COVID-19 home tests. The agreement provided funding to support the establishment of Ellume’s first U.S. manufacturing facility. As part of this agreement, Ellume will provide 8.5 million COVID-19 home tests to the U.S. government by end of the year. Ellume’s U.S. operation will include two manufacturing facilities totaling more than 180,000 square feet that Matan Progress Labs is developing. Matan, a Washington, D.C.-based commercial real estate development firm, says the company will deliver the first two buildings in …

May 12, 2021

Company News Maryland Southeast

Marriott Posts Net Loss in First Quarter, But CEO Forecasts Room Demand to Strengthen

by Julia Sanders May 11, 2021

BETHESDA, MD. — Marriott International Inc. (Nasdaq: MAR) posted a net loss of $11 million in first-quarter 2021, a notable shift from last year when the firm generated $31 million in earnings, though that quarter did not experience the full shock of the COVID-19 pandemic. Marriott’s earnings were adjusted to 10 cents a share, which was higher than what Wall Street estimated at 3 cents per share, according to The Wall Street Journal. Marriott’s revenue decreased from $4.7 billion in first-quarter 2020 to $2.3 billion in first-quarter 2021 as worldwide RevPAR (revenue per available room) dipped 46.3 percent year-over-year. Additionally, the company saw an adjusted net income of $34 million, which is roughly 79 percent lower than the first quarter of last year ($160 million). Marriott’s CEO Tony Capuano predicts the company’s earnings to bounce back due to a higher demand for travel in the United States and Canada following the widespread implementation of the three COVID-19 vaccines. “As vaccines roll out around the world and government restrictions ease, I am optimistic that demand will continue to strengthen,” says Capuano. According to Capuano, who took over a few months ago from the late Arne Sorenson, the company saw an uptick …

May 11, 2021

Development Loans Maryland Multifamily Southeast

JLL Arranges Capitalization for Multifamily Development in Bethesda

by Julia Sanders April 19, 2021

BETHESDA, MD. — JLL Capital Markets has arranged the capitalization for a Class A multifamily development located at 7000 Wisconsin Ave. in Bethesda, which is less than 10 miles from Washington, D.C. JLL Capital Markets arranged the land partnership between Starr Capital and Woodfield Development, and secured the joint venture development capital. The 7000 Wisconsin Ave. high-rise development will stand 12 stories tall, consist of 181 one- and two-bedroom units and include 6,090 square feet of ground-floor retail space. The property includes finishes such as two-toned shaker cabinetry, quartz countertops and stainless steel appliances. Community amenities include a coworking lounge, fitness center, game room, courtyard and a rooftop lounge. The multifamily property is positioned near Bethesda Metro Station and over 11 million square feet of office space, 250,000 plus private-sector employees and 530,000 square feet of retail and dining offerings. Travis Anderson, Cory Fowler, Susan Carras, Brian Crivella, Walter Coker and Robert Jenkins of JLL arranged the transaction.

April 19, 2021

Development Maryland Multifamily Southeast

Howard Hughes Corp. Breaks Ground on 472-Unit Multifamily Property in Columbia, Maryland

by Julia Sanders April 16, 2021

COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on Marlow, a 472-unit residential property in the Merriweather District in downtown Columbia. The Dallas-based developer is targeting initial occupancy to begin in the fourth quarter of 2022. The seven-story Marlow will span 510,000 square feet, including 32,000 square feet of retail space and approximately 14,000 square feet of amenity space. Amenities will include a fitness center, golf simulator and a dog park. The property will also have a work-from-home lounge equipped with workspaces and private conference rooms. Marlow will have feature patios, promenades, a courtyard, pools, lawn areas and private alcoves, as well as an 800-square-foot rooftop sky lounge.

April 16, 2021

Acquisitions Industrial Maryland Southeast

Cushman & Wakefield Arranges $7.7M Sale of Industrial Building in Frederick, Maryland

by Julia Sanders April 12, 2021

FREDERICK, MD. — Cushman & Wakefield has arranged the $7.7 million sale of a 75,400-square-foot industrial building located at 7495 New Horizon Way in Frederick. The facility is situated within Frederick Corporate Park. Scott Matthew, Peter Rosan, Megan Williams and Frank Andrews of Cushman & Wakefield represented the seller, Finmarc Management Inc, while CBRE represented the buyer, Valogic, in the transaction. Frederick Corporate Park was acquired by Finmarc Management in 2020 and is home to nine office/flex buildings and one multi-story office building totaling about 350,000 square feet.

April 12, 2021

Acquisitions Industrial Maryland Southeast

HLNP Sells Industrial Outdoor Storage Site in Hanover, Maryland for $21.1M

by Julia Sanders April 9, 2021

HANOVER, MD. — HLNP LLC has sold Last-Mile @ BWI, an industrial outdoor storage site located at 1200 Stoney Run Road in Hanover, for $21.1 million. The industrial-zoned land is 100 percent leased and was sold to NorthBridge Partners. Cris Abramson, Brian Kruger, Ben McCarty and Nicholas Signor of Newmark brokered the sale. Located directly adjacent to Baltimore-Washington International Airport (BWI), Last Mile @ BWI sits on 13.6 acres within Baltimore Commons Industrial Park, a 34-building campus spanning 4.1 million square feet. The site includes about nine acres of paved parking and storage and offers the potential to build Class A industrial product in the Baltimore-Washington Corridor.

April 9, 2021

Acquisitions Maryland Multifamily Southeast

Concord Communities Acquires Four Apartment Properties in Northeast Baltimore for $29.5M

by Julia Sanders April 7, 2021

BALTIMORE, MD. — Concord Communities, a Washington, D.C.-based affordable housing owner and developer, has acquired four apartment properties totaling 340 units in northeast Baltimore for $29.5 million. Ralph Crozier led the acquisition on behalf of Concord Communities on an internal basis, and Christine Espenshade of Newmark represented the seller. The sales price and seller were not disclosed. The communities — Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments East and West — are located within one mile of each other. Built in 1967, the 64-unit Walther Avenue Apartments offers residences ranging from studio to two-bedroom floor plans across six three-story buildings. The community was 95 percent occupied at the time of sale. Hazelcrest Apartments, located at 5717 Plainfield Ave., was built in 1965. The 48-unit apartment community features two-bedroom apartment units across eight two-story buildings. Hazelcrest was 95 percent occupied at the time of sale. Northern Village Apartments East and West, located at 6623 Pioneer Drive, was built in 1972 and consists of 228 units in total. The communities offer a mix of one-, two- and three-bedroom floor plans across 23 two-story buildings. The Northern Village property was 97 percent occupied at the time of sale. Concord Communities is …

April 7, 2021

Development Maryland Mixed-Use Multifamily Retail Southeast

Brandywine Realty Trust, Terrapin Development to Build $300M Mixed-Use Neighborhood on UM Campus in College Park

by Julia Sanders April 5, 2021

COLLEGE PARK, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland (UM) College Park, has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UM campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park, within UM’s Discovery District. The development project is set to cost over $300 million. The Discovery District’s development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 multifamily residential units. The property will be located close to mass transit and major roadways and will serve as a natural extension of UM’s research enterprise. The Discovery District will provide pedestrian movement along the Baltimore Avenue corridor and campus. The project is adjacent to the new Purple Line, offering connections to Metro light rail system. The development has set forth sustainability goals, including LEED classification, to responsibly develop the land. The development plan will be executed over four phases. Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects are the development’s architects.

April 5, 2021

Acquisitions Maryland Multifamily Southeast

JLL Arranges Sale of Multifamily Property in Metro Baltimore

by Julia Sanders April 5, 2021

LINTHICUM HEIGHTS, MD. — JLL has arranged the sale of Element Linthicum Heights, an apartment community located just outside of Baltimore in Linthicum Heights. JLL worked on behalf of the seller, JLB Partners, to complete the sale to the buyer, AvalonBay Communities Inc. Walter Coker, Brian Crivella and Robert Jenkins of JLL arranged acquisition financing on behalf of AvalonBay. The loan amount and sales price were not disclosed. Located at 820 Concorde Circle, Element Linthicum Heights includes one- and two-bedroom floorplans with features, including walk-in closets, in-unit washers and dryers, 9-foot ceilings, stainless steel appliances and quartz or granite countertops. Community amenities include a pool, outdoor lounge and entertainment areas, courtyard with hammocks, grilling area, fitness center with CrossFit equipment, clubroom, pet park and a pet spa. Element Linthicum Heights is near Baltimore’s Inner Harbor area, less than 10 miles from downtown Baltimore and less than 30 miles from Washington, D.C. Additionally, the property is proximate to Baltimore-Washington Parkway, Interstate 195, Interstate 95, Interstate 97 and MARC Rail’s Penn Line.

April 5, 2021

Newer Posts

Older Posts