PERRY HALL, MD. — Senior Helpers has broken ground on Town Square, an 11,000-square-foot center in Perry Hall that will cater toward seniors in the area. Senior Helpers, a provider of in-home senior services, plans to open Town Square this fall. Town Square, situated at 9708 Belair Road, 15 miles northwest of downtown Baltimore, will offer seniors an interactive environment set in the 1950s. This is the first of several planned centers around the country. Each new Town Square will feature an interactive midcentury “town” that includes 13 distinctive storefronts and experiences that evoke the age when most members were young adults. These experiences include a 1950s-era diner, vintage car, movie theater, library, game room and garden shop, all arranged around a green central park. Each Town Square is designed to accommodate 100 guests per day. The first Town Square will be open to seniors in the Baltimore metro area and surrounding communities.
PASADENA, MD. — KeyBank Real Estate Capital has provided a $26.6 million, non-recourse bridge loan to refinance Pasadena Crossroads, a 320,249-square-foot retail center in Pasadena. The loan includes funds for leasing and capital expenditures. The center was originally built in 1973 and was renovated earlier this year. Hobby Lobby, Art Van Furniture, LA Fitness and Sprouts Farmers Market anchor the property, which is 37 percent leased. Jacob Proctor of KeyBank arranged financing on behalf of the undisclosed borrower.
ROCKVILLE, MD. AND WINTER PARK, FLA. — Black Creek Group has acquired two multifamily communities, one in Rockville and one in Winter Park. The Rockville property is The Daley at Shady Grove Metro, a 333-unit community that was 95 percent occupied at the time of sale. The Daley is situated at 8010 Gramercy Blvd., 25 miles north of downtown Washington, D.C. Communal amenities include a community lounge, fitness center, swimming pool, outdoor courtyard and grilling stations. The second property, Broadstone Winter Park, is a 268-unit asset that was 85 percent occupied at the time of sale. Broadstone offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, two-story resident clubhouse, business center and private storage units. The seller(s) and sales price(s) were not disclosed.
BALTIMORE — Hunt Real Estate Capital has provided a Fannie Mae loan to refinance Porter Street Apartments, a 223-unit multifamily community located at 1401 Porter St. in Baltimore. The 12-year loan features a 30-year amortization schedule. Porter Street Apartments includes a 600-space parking garage and its unit mix comprises 57 studios, 107 one-bedroom apartments and 59 two-bedroom units. Hunt’s John Hurley originated the loan in connection with David Strouse of Birchwood Capital Partners on behalf of the borrower, a partnership between Mark Sapperstein and Kinsley Equities. The LEED Silver-certified property opened in 2017 as part of McHenry Row, a mixed-use project in Baltimore’s Locust Point neighborhood that is anchored by Harris Teeter.
BALTIMORE — The Mary Harvin Transformation Center Community Development Corp. and Southern Baptist Church are leading the development of the Southern Streams Health and Wellness Center, a 120,000-square-foot project in Baltimore’s Broadway East neighborhood. This is the third project co-sponsored by the two organizations. Johns Hopkins Health Systems has signed a lease to occupy approximately 22,000 square feet of space within the building. The health center will include a 125-car parking garage. The developers expect to break ground late this year and deliver the shell building in early 2021. Trout Daniel & Associates has been retained to market available space for lease. The project is part of the master plan known as the East Baltimore Revitalization Plan.
NEW CARROLLTON, MD. — HFF has arranged a total of $65.4 million in capital for Urban Atlantic to develop The Stella, a 282-unit multifamily community in New Carrollton. HFF arranged a $46.6 million construction loan through TD Bank and also arranged $18.8 million in joint venture equity from Bridge Investment Group. The Stella will be located at 3950 Garden City Drive, which is situated within an Opportunity Zone about 11 miles northeast of downtown Washington, D.C. The property will offer studio, one-, two- and three-bedroom floor plans, as well as 3,500 square feet of ground-level retail space. Community amenities will include a swimming pool, common outdoor terraces, club room, game room, fitness center, coworking space, private entertaining room and terrace, coffee bar and a dog wash station. Urban Atlantic expects the project to be delivered in late 2020. Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker of HFF arranged both transactions.
WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …
BALTIMORE — Armada Hoffler Properties Inc. has agreed to purchase the Thames Street Wharf office building in Baltimore for $101 million from KBS Realty Advisors. Built in 2010 by Armada Hoffler Construction, the 263,426-square-foot, eight-story property was the first property built within the Harbor Point mixed-use development. The LEED Gold-certified building is fully leased to tenants including anchors Morgan Stanley and Johns Hopkins Medicine. Virginia Beach-based Armada Hoffler expects the transaction to close in the second quarter.
FULTON, MD. — Capitol Seniors Housing has opened Arbor Terrace Fulton, an assisted living and memory care community in Fulton, approximately 20 miles north of Washington, D.C. The $27.5 million, 73,000-square-foot community features 86 apartments. The location is immediately adjacent to the Marketplace at Maple Lawn, a mixed-use community anchored by Harris Teeter. Arbor Terrace Fulton is also next to Fulton Elementary, Lime Kiln Middle School and the Reservoir High School, which will add an intergenerational quality to the community. The Arbor Co. partnered with Capitol on the project, and will serve as operator. Baltimore-based BCT Architects designed the property, while Dallas-based Faulkner Design Group handled the interiors.
BALTIMORE — Greenspring Realty Partners Inc., a real estate investment firm, and the Berg Corp., a demolition company, have acquired a 12-acre waterfront site located at 4601 Newgate Ave. in Baltimore. The site is divided into three parcels and is near the Seagirt Marine Terminal, which is operated by Ports America Chesapeake LLC. The site is equipped with a 700-foot pier on the east side of the property and a 1,400-foot pier on the west side. The site has access to one of the only deep-water ports available for private use in the city. According to the Maryland Port Authority, the port’s governing body, more than 43 million tons of general cargo was unloaded at the city’s private and public ports in 2018. Vane Brothers sold the site for an undisclosed price.