Maryland

Avison Young Secures $10.6M Sale of Office Building in Metro Baltimore

by Camren Skelton December 21, 2017

COLUMBIA, MD. — Avison Young has arranged the sale of an 84,025-square-foot office building located at 6350 Stevens Forest Road in Columbia, roughly 20 miles southwest of Baltimore. The sales price was not disclosed, but sources familiar with the transaction report the building sold for $10.6 million. Chip Ryan, Jim Kornick and Bob Wrighton of Avison Young arranged the transaction on behalf of the seller, New Boston Fund. Pratt Street Capital acquired the asset. Johns Hopkins Community Physicians anchors the building, which was 77 percent leased at the time of sale. Medical- and healthcare-related tenants occupy 43 percent of the building, which is located roughly three miles from Johns Hopkins Howard County General Hospital and two miles from Columbia Town Center.

December 21, 2017

Maryland Retail Southeast

Neuman Commercial Group Closes $21M Sale of Retail Center in Metro D.C.

by Camren Skelton December 20, 2017

BOWIE, MD. — Neuman Commercial Group LLC has arranged the $21 million sale of The Shoppes at Bowie Town Center, a 104,000-square-foot retail center in Bowie, a suburb 18 miles east of Washington, D.C. Gil Neuman of Neuman Commercial Group arranged the transaction on behalf of the seller, Shoppes at Bowie Town Center LLC, and procured the buyer, J.A.R. New York RLT. The center was 98 percent leased at the time of sale to 12 tenants including Five Below, Party City, Goodwill, Bank of America, A.C. Moore, Music & Arts, David’s Bridal, Sprint and California Tortilla. The Shoppes at Bowie Town Center is a specialty extension of the 578,000-square-foot Bowie Town Center, an open-air shopping center leased to tenants including Safeway, Macy’s, Best Buy, Off Broadway Shoes, LA Fitness, Chipotle Mexican Grill and Barnes & Noble.

December 20, 2017

Maryland Multifamily Seniors Housing Southeast

Capitol Seniors Housing Breaks Ground on $27.5M Assisted Living Community in Maryland

by Camren Skelton December 11, 2017

FULTON, MD. — Capitol Seniors Housing has broken ground on Arbor Terrace Maple Lawn, an assisted living and memory care community in Fulton, approximately midway between Baltimore and Washington, D.C. The $27.5 million, 73,000-square-foot community will feature 86 apartments. Baltimore-based BCT Architects designed the structure, while Dallas-based Faulkner Design Group designed the interiors. The Arbor Co. will operate the community upon completion, which is scheduled for fourth-quarter 2018. Capitol Seniors Housing is a D.C.-based, private equity-backed acquisition, development and investment management firm. The company has acquired or developed more than 90 seniors housing communities since its inception in 2003.

December 11, 2017

Maryland Multifamily Southeast Top Stories

ARA Newmark Brokers $131M Sale of Apartment Community in Metro D.C.

by Camren Skelton December 7, 2017

DISTRICT HEIGHTS, MD. — ARA Newmark has arranged the $131 million sale of The Avanti, a 930-unit multifamily community in District Heights, roughly 11 miles southeast of Washington, D.C. Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA Newmark arranged the transaction on behalf of the seller, Suitland Park LLC, an entity comprising Dragone Realty Investments and PCCP LLC. GMF Capital acquired the asset, and Dragone Realty elected to retain its ownership stake in the property. “With the recent comprehensive renovation that Dragone and PCCP completed, The Avanti is positioned at the top of the submarket and will outperform the competition for the foreseeable future,” said Cissel. “The transaction worked out well for everyone and will capitalize on the strong demand for quality product in the area, resulting in high investment yields.” Constructed in 1965 and renovated in 2012 and 2016, The Avanti includes one- to three-bedroom units and features wall-to-wall carpeting, ceramic and vinyl flooring, breakfast bars and walk-in closets. Community amenities include a swimming pool, business center, dog park and fitness center. Kelley Drye & Warren LLP provided legal counsel to Dragone Realty in the transaction. Morrison & Foerster LLP represented PCCP, and Neuberger, Quinn, Gielen, Rubin & …

December 7, 2017

Loans Maryland Office Retail Southeast

MacKenzie Capital Arranges $32.4M Acquisition Loan for Office, Retail Portfolio in Baltimore County

by Camren Skelton December 6, 2017

TOWSON AND HUNT VALLEY, MD. — MacKenzie Capital has arranged $32.4 million in acquisition financing for an office and retail portfolio in Baltimore County’s Towson and Hunt Valley submarkets. John Black, Will Goetschius and Brendan Harman of MacKenzie Capital arranged the 25-year, fixed-rate loan on behalf of the borrower, RFP Partners LLC. Don Schline of MacKenzie Capital sourced the off-market acquisition on behalf of RFP. The portfolio comprises nine office and retail buildings and totals 289,000 square feet.

December 6, 2017

Maryland Multifamily Southeast

Pennrose Breaks Ground on Phase I of Multifamily Redevelopment in Metro D.C.

by Camren Skelton December 4, 2017

GLENARDEN, MD. — Pennrose Properties LLC has broken ground on Glenarden I, the first phase of a master-planned redevelopment of the former Glenarden Apartments in Glenarden, roughly 12 miles east of Washington, D.C. The redevelopment of the 27-acre site will be conducted in four phases. The project is a public-private partnership between Pennrose, the Redevelopment Authority of Prince George’s County, B&W Solutions Inc. and SHABACH! Ministries Inc. Designed by Marks Thomas Architects and Arel Architects and constructed by Harkins Builders, the first phase of Glenarden will include 114 affordable and market-rate apartment homes for families and seniors, a blend of townhouse-style buildings with two- and three-bedroom floor plans and a four-story senior apartment building with a community kitchen, outdoor patio, coffee bar, café, library and a fitness room. Glenarden I will also feature a clubhouse with an additional fitness center, locker rooms, a kitchenette and an outdoor patio and grill. Pennrose Management Co. will manage the community. The second phase of Glenarden will add 55 units of affordable seniors housing, affordable and market-rate apartments, two pools and additional open space. The remaining phases of the redevelopment will add more market-rate rental apartments and for-sale homes. The $34 million Phase I project …

December 4, 2017

District of Columbia Illinois Maryland Massachusetts Midwest Multifamily Northeast Pennsylvania Southeast Top Stories

Harbor Group Affiliate Acquires 9,677-Unit Multifamily Portfolio for $1.8B

by Taylor Williams December 4, 2017

NORFOLK, VA. — An affiliate of Harbor Group International (HGI) has acquired a portfolio of 25 multifamily properties totaling 9,677 units across five major metropolitan areas for $1.8 billion. The sellers were affiliates of Lone Star Funds. The transaction, which closed on Nov. 30, is HGI’s largest to date and increases the value of its investment portfolio from approximately $5.2 billion to $7.1 billion. The properties, which boast a collective occupancy rate of 95 percent, are located in the metro areas of Baltimore, Boston, Chicago, Philadelphia and Washington, D.C. HGI plans to invest roughly $80 million in capital improvements to the unit interiors and communal amenities of the properties. Berkadia and New York-based Meridian Capital Group secured approximately $1.4 billion in acquisition financing for the deal. Berkadia secured roughly $927 million in fixed- and floating-rate debt through Freddie Mac, while Meridian Capital secured approximately $512 million in fixed-rate debt through New York Community Bank. Among the portion of the financing arranged by Berkadia, 11 of the properties totaling $789 million were financed at a fixed interest rate. The remaining five assets totaling $138 million were financed with a floating-rate vehicle. Laura Cathlina and Sharon Plattner of Berkadia led the loan …

December 4, 2017

Loans Maryland Multifamily Southeast

KeyBank Secures $56.3M in Refinancing for Multifamily Community in Greenbelt, Maryland

by Camren Skelton December 1, 2017

GREENBELT, MD. — KeyBank Real Estate Capital has secured a $56.3 million Freddie Mac loan to refinance Verde at Greenbelt Station, a 302-unit multifamily community in Greenbelt, a city halfway between Baltimore and Washington, D.C. Dirk Falardeau and Todd Goulet of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between The Dolben Co. and Atapco Properties. Delivered last year, Verde at Greenbelt Station is LEED Gold-certified and offers a mix of one- and two-bedroom units, ranging in size from 750 to 1,500 square feet. Community amenities include a swimming pool, clubhouse, fitness center, bocce ball court and a dog park.

December 1, 2017

Maryland Retail Southeast

Klein Enterprises Buys Shopping Center in Northeast Maryland for $11.6M

by Camren Skelton November 27, 2017

NORTH EAST, MD. — Klein Enterprises has acquired North East Station Shopping Center, an 87,006-square-foot retail center in North East, a town in northeast Maryland situated between Baltimore and Philadelphia, for $11.6 million. The seller was not disclosed. Food Lion anchors the center, which was 90.3 percent leased at the time of sale to tenants including Walgreens, Waffle House, AutoZone, Wendy’s and West Marine. North East Station is less than a mile from the Principio Industrial Park, which will house the new Amazon distribution center and its 700 full-time employees.

November 27, 2017

Maryland Multifamily Seniors Housing Southeast

HHHunt Begins Construction of $32.3M Seniors Housing Community in Frederick, Maryland

by Camren Skelton November 13, 2017

FREDERICK, MD. — HHHunt has broken ground on Spring Arbor of Frederick, a 109-bed assisted living and memory care community in Frederick, approximately 50 miles west of Baltimore. Development costs for the project are estimated at $32.3 million. When completed, the 110,000-square-foot community will sit on a 10-acre site along the Monocacy River and near the Monocacy National Battlefield. The community will be HHHunt’s third in Maryland and is scheduled for completion in early 2019. SunTrust Bank provided a $50 million credit facility for the project. Blacksburg, Va.-based HHHunt is a real estate developer and owner with a portfolio of 24 Spring Arbor-branded seniors housing communities in North Carolina, Virginia and Maryland.

November 13, 2017

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