A strong, vibrant urban core is vital to the success of the entire metropolitan region, and although currently struggling to regain its footing in some critical areas, Baltimore City will eventually return to prominence in the eyes of international investors, CEOs and the general public. Local stakeholders retain confidence in the city based on its strong fundamentals, including nationally renown hospitals, an impressive labor force (a recent CBRE survey ranked Baltimore City as the No. 11 U.S. market for tech talent) and proximity to the Nation’s Capital and continued federal government spending. The city’s infrastructure, led by Interstate 95, the Port of Baltimore and Baltimore/Washington International Thurgood Marshall Airport (BWI), is among the most highly regarded across the country. There is an overall uptick in leasing and development activity in 2019, with an emphasis on mixed-use communities with an “engaging story to tell” based on the projects design, location or both. Baltimore City inches forward Ground was officially broken on the first phase of Port Covington, the $5.5 billion mega-project planned on a 235-acre waterfront parcel in south Baltimore that is expected to be anchored by the new Under Armour headquarters. This inaugural section will include 1.3 million square feet …
DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.
HAGERSTOWN, MD. — Continental Realty Corp. has acquired Centre at Hagerstown, a 331,000-square-foot retail center in Hagerstown, for $23.5 million. The property was 93 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Books-A-Million, OfficeMax, PetSmart, Regency Furniture, 2nd & Charles and A.C. Moore. Centre at Hagerstown is located at 17850 Garland Grosh Blvd., three miles from downtown Hagerstown, the county seat of Washington County. Danny Finkle, Jordan Lex and John Owendoff of JLL represented the seller, WashREIT, in the transaction.
BALTIMORE — SunTrust Community Capital (STCC) and Harbor Bankshares Corp. have provided a total of $19.8 million in financing for Village Center at Stadium Place in Baltimore. STCC provided $4.8 million of equity and $4 million in its New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. Govans Ecumenical Development Corp. (GEDCO) and Commercial Development & Investments LLC (CDI) are co-developing the property, which will meld with the existing Stadium Place Adult Community Campus master plan. Village Center will include 70 discounted market-rate senior housing units and 30,000 square feet of medical office and retail space. A timeline for completion was not disclosed.
CHICAGO — JLL has negotiated the sale of five Courtyard by Marriott hotels totaling 731 rooms. The portfolio includes Courtyard New Carrollton in Landover, Md.; Courtyard Fairfax Fair Oaks in Fairfax, Va.; Courtyard Baltimore Hunt Valley in Hunt Valley, Md.; and Courtyard San Antonio Airport and Courtyard San Antonio Medical Center in San Antonio. JLL represented the seller, Colony Capital Inc., in the transaction. The buyer was a partnership between Flynn Properties Inc. and EMA Lodging Group Inc. The sales price was not disclosed.
WHEATON, MD. — A joint venture between Blackfin and Acre Valley Real Estate Capital has acquired Earle Manor Apartments, a two-building, 140-unit complex in Wheaton, for $21 million. The garden-style community was fully occupied at the time of sale. The asset is situated at 10820 Georgia Ave., nine miles north of downtown Washington, D.C. and near the Washington Metropolitan Area Transit Authority (WMATA) Wheaton Metro Station. The seller was not disclosed.
LAUREL, MD. — Newmark Knight Frank (NKF) has provided a $61.8 million Freddie Mac acquisition loan for Concord Park at Russett, a 315-unit multifamily community in Laurel. Kevin Mignogna and Charlie Haggard of NKF originated the 10-year, interest-only loan at 70 percent loan-to-value. Concord Park was built in 2005 and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool with wading pool, outdoor lounge, business center, fitness center with yoga studio and a game room and media room. The unnamed borrower is a repeat NKF and Freddie Mac sponsor.
ROCKVILLE, MD. — JLL has arranged the sale of The Daley at Shady Grove, a 333-unit, transient-oriented apartment complex in Rockville. The community includes 15,000 square feet of ground-level retail space. The Daley is situated at 8010 Gramercy Blvd. within Westside at Shady Grove, a master-planned community that is situated within walking distance from the Shady Grove Metro Station. Communal amenities at The Daley include a swimming pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; and a pet spa. The seller is a joint venture between EYA LLC and The Bozzuto Group, which delivered the property in 2017. Walter Coker, Brian Crivella, Stephen Conley and Susan Carras of JLL represented the seller in the transaction. Denver-based Black Creek Group purchased the asset through one of its investment platforms. The sales price was not disclosed.
BETHESDA, MD. — A public-private partnership between Stonebridge and Montgomery County in Maryland has broken ground on Avocet Tower, a 530,000-square-foot, 250-foot tall mixed-use building in Bethesda’s Central Business District. The transit-oriented tower will be located at 7373 Wisconsin Ave., directly across the street from the Bethesda Metro Station. Avocet Tower will comprise 370,000 square feet of office space and a 220-room AC Hotel by Marriott. Delivery is expected in summer 2021. Pickard Chilton designed the building, and Cooper Carry is the architect of record. The development team is expecting the tower to earn LEED Platinum certification and will include modern mechanical systems, secured bicycle storage, electric vehicle charging stations, bio-retention basins on the roof terrace and glass elements throughout the entire office area. Other amenities will include a fitness and business center on the 18th floor, as well as a restaurant available to the public.
RICHMOND, VA. — Marcus & Millichap has arranged the $28 million sale of Vida East Apartments, a 178-unit multifamily community situated within an Opportunity Zone in Richmond. The seller, Seacoast Communities, delivered the community in August 2018. Communal amenities include a rooftop picnic area, saltwater swimming pool and a dog park. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented Seacoast Communities in the transaction. Bryn Merrey of Marcus & Millichap is the broker of record in Virginia. The buyer is an undisclosed local developer.