Maryland

Hunt Originates Fannie Mae Loan to Refinance 223-Unit Apartment Community in Baltimore

by John Nelson July 8, 2019

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.

July 8, 2019

Development Maryland Retail Southeast

Joint Venture to Develop 120,000 SF Health Center in East Baltimore

by Alex Tostado July 5, 2019

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.

July 5, 2019

Development Loans Maryland Multifamily Southeast

HFF Arranges $65.4M in Construction Debt, JV Equity to Build Multifamily Community in Metro D.C.

by Alex Tostado June 27, 2019

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.

June 27, 2019

Acquisitions Maryland Multifamily Retail Southeast Top Stories Virginia

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

by Alex Tostado June 27, 2019

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 …

June 27, 2019

Acquisitions Maryland Office Southeast

Armada Hoffler to Buy Office Building in Baltimore’s Harbor Point for $101M

by John Nelson June 19, 2019

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.

June 19, 2019

Development Maryland Seniors Housing Southeast

Capitol Seniors Housing Opens $27.5M Assisted Living, Memory Care Community Near D.C.

by John Nelson June 19, 2019

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.

June 19, 2019

Acquisitions Industrial Maryland Southeast

Joint Venture Buys 12-Acre Waterfront Site in Baltimore

by Alex Tostado June 13, 2019

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.

June 13, 2019

Development Industrial Maryland Southeast

Merritt Properties Plans 860,000 SF Tower Logistics Center in Suburban Maryland

by Alex Tostado June 12, 2019

PERRYMAN, MD. — Merritt Properties has announced plans for Tower Logistics Center, an 860,000-square-foot industrial building in Perryman. Delivery is expected in late 2020. The building will be located at 1225 S. Philadelphia Road, about 30 miles north of the Port of Baltimore. Tower Logistics Center will feature 40-foot clear heights, 60-foot speed bays, more than 150 dock bays and 200 trailer parking spaces. Truck courts will span 130 feet and the building will include four drive-in doors. The construction team includes Powers Brown Architecture as the architect and Morris & Ritchie Associates Inc. as the civil engineer. Merritt has engaged CBRE as a listing partner, with Bill Pellington and Jon Casella of CBRE leading leasing efforts.

June 12, 2019

Development Maryland Multifamily Southeast

Washington Property Delivers 20-Story Multifamily Community in Metro D.C.

by Alex Tostado June 5, 2019

SILVER SPRING, MD. — Washington Property Co. (WPC) has delivered Solaire 8250 Georgia Avenue, a 20-story, 338-unit multifamily community in Silver Spring. The building offers studio, one- and two-bedroom floor plans, as well as 5,000 square feet of amenity space, including a rooftop swimming pool and pool deck; café with free Wi-Fi; private courtyard with grilling areas; fitness center; and an expansive residents’ club room with catering kitchen, library, flat-screen TV, indoor-outdoor fireplace and a game room. The property is situated two blocks from the Silver Spring Metro station and six miles north of downtown Washington, D.C. The building totals 470,000 square feet and includes three stories of below-grade parking. Collective of Baltimore served as the architect for the project, and Lendlease was the general contractor.

June 5, 2019

Industrial Leasing Activity Maryland Southeast

Duke Realty Signs Ace Logistics to 351,000 SF of Industrial Space in Baltimore

by Alex Tostado June 5, 2019

BALTIMORE — Duke Realty has signed Ace Logistics to two industrial leases totaling 351,000 square feet in Baltimore. The first lease, a renewal at Chesapeake Commerce Center 5900, spans 169,000 square feet. The second lease totals 182,000 square feet and is located at Chesapeake Commerce Center 6000, which is a build-to-suit building still under construction. The industrial campus comprises 177 acres and is situated off Interstate 95, one mile north of the Port of Baltimore. A construction timeline for the build-to-suit building was not disclosed, but Chesapeake Commerce Center will be fully occupied upon completion, according to Duke Realty. Peter Hajimihalis and Ben Meisels of JLL represented the tenant in the lease transactions. Justin Mohler of CBRE and Battista Orcino of Duke Realty represented the landlord.

June 5, 2019

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