Maryland

Amazon to Open 855,000 SF Fulfillment Center in Baltimore’s Sparrows Point

by Camren Skelton November 9, 2017

BALTIMORE — Amazon.com Inc. has unveiled plans to open its fourth Maryland fulfillment center at 1700 Sparrows Point Blvd. in Baltimore’s Sparrows Point community. Amazon currently employs more than 5,000 associations in the state at its various centers. The new 855,000-square-foot facility will create more than 1,500 full-time jobs upon completion. Associates at the facility will pick, pack and ship customer items such as electronics, books, housewares and toys. The new facility will open in 2019, according to The Baltimore Sun.

November 9, 2017

Maryland Multifamily Southeast Student Housing

TSB Realty Brokers Sale of New Student Housing Community Near University of Maryland

by Camren Skelton November 7, 2017

COLLEGE PARK, MD. — TSB Realty LLC has arranged the sale of Terrapin Row, a 1,493-bed student housing community located adjacent to the University of Maryland in College Park. A joint venture between Toll Brothers Campus Living and a fund managed by Ares Management developed the property, delivering in the fall of 2016. The sales price and buyer were not disclosed. Terrapin Row offers a mix of studio to four-bedroom floor plans, plus selected two-and four-bedroom townhome-style units. Community amenities include a resort-style pool, volleyball court, outdoor television and kitchen area, fitness center, golf simulator, media and gaming rooms and complimentary Starbucks Coffee kiosks. Pinnacle Campus Living, a newly formed joint venture between Pinnacle Property Management Services and Campus Evolution Villages, will manage the property.

November 7, 2017

Loans Maryland Multifamily Southeast

Walker & Dunlop Arranges $61.1M HUD Loan for New Apartment Project in Metro Baltimore

by Camren Skelton November 7, 2017

GAMBRILLS, MD. — Walker & Dunlop has arranged a $61.1 million loan for the development of Monarch at Waugh Chapel, a 246-unit apartment community under construction in Gambrills, roughly halfway between Baltimore, Md., and Washington, D.C. Dee McClure of Walker & Dunlop arranged the financing through the United States Department of Housing and Urban Development (HUD)’s 221(d)(4) new construction program on behalf of the borrower and developer, a joint venture between Bozzuto Development Co. and Reliable Contracting. The financing includes a two-year construction loan followed by a permanent, 40-year, fixed-rate loan. Monarch is part of the Waugh Chapel master-planned community, which will include residential, commercial, office and residential amenities upon full build-out. The apartment community will feature a fitness center, yoga studio, business center, billiards room, resort-style pool and cooking stations.

November 7, 2017

Maryland Office Southeast

Cushman & Wakefield Brokers $32.8M Sale of Office Building in Baltimore

by Camren Skelton November 6, 2017

BALTIMORE — Cushman & Wakefield has arranged the $32.8 million sale of 120 E. Baltimore St., a 25-story office tower in Baltimore. Graham Savage and Nicole Keelty of Cushman & Wakefield arranged the transaction on behalf of the buyer, Boston-based Grander Capital Partners. The seller was not disclosed. At the time of sale, the office building was 75 percent leased to SunTrust Bank, State of Maryland Pension System and the Baltimore City State Attorney’s Office.

November 6, 2017

Maryland Multifamily Southeast

S.L. Nusbaum Opens 240-Unit Multifamily Asset in Northern Maryland

by Camren Skelton November 3, 2017

FREDERICK, MD. — Norfolk, Va.-based S.L. Nusbaum Realty Co. has opened The Fred, a 240-unit apartment community located in the Waverly View Planned Neighborhood Development in Frederick. Constructed by Morgan-Keller Construction Co., the property features mountain views, a clubhouse, fitness center, swimming pool, business center, car charging station and a playground. The Fred offers a mix of one- to three-bedroom units that feature vaulted ceilings, granite countertops, in-unit washers and dyers and patios or balconies.

November 3, 2017

Maryland Multifamily Southeast

UIP Acquires Multifamily Community in Metro D.C. for $31.8M

by Camren Skelton October 31, 2017

GAITHERSBURG, MD. — Urban Investment Partners (UIP) has acquired Walker House, a 212-unit apartment community located along the Interstate 270 corridor in Gaithersburg, roughly 23 miles northwest of Washington, D.C. CBRE represented the seller, Washington REIT, in the $31.8 million transaction. Capital One provided acquisition financing for the asset. Walker House includes 196 apartment units constructed in 1971, plus 16 garden apartments constructed in 2003. UIP will renovate the property with updated cabinets, counters, appliances, lighting and flooring. UIP will also update the existing fitness center, lounge and other amenity spaces. Walker House was fully occupied at the time of sale.

October 31, 2017

Loans Maryland Multifamily Southeast

Pillar Originates $58.8M Acquisition Loan for Apartment Community in Metro Baltimore

by Camren Skelton October 25, 2017

TOWSON, MD. — Pillar Financial, a division of SunTrust Bank, has originated a $58.8 million Freddie Mac loan for the acquisition of The Winthrop, a 295-unit apartment community in Towson, roughly 13 miles north of Baltimore. Cullen O’Grady of Pillar originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a private investment group. Scott Park of Columbia National Real Estate Finance arranged the transaction. Located at 913 Southerly Road, the property is within walking distance to Towson Town Center, an indoor mall. The Winthrop was constructed in 2015 and has a National Green Building Standard Gold certification. Chesapeake Realty Partners developed the property, which will continue to be managed by The Bozzuto Group. The Winthrop was 95 percent occupied at the time of sale.

October 25, 2017

Healthcare Loans Maryland Office Southeast

Capital One Provides $311M in Loans for 28-Building Medical Office Portfolio Across U.S.

by Camren Skelton October 16, 2017

BETHESDA, MD. — Capital One has provided $311 million in financing to recapitalize a 28-asset medical office building portfolio located across 11 states. The portfolio was 95 percent leased to 150 tenants at the time of sale, with eight of the buildings each occupied by a single tenant. The borrower was a joint venture between an institutional investor and another joint venture between Kayne Anderson Real Estate Advisors and MB Real Estate Healthcare, which previously owned the 1.5 million-square-foot portfolio. Six of the 28 buildings are located on or adjacent to a health system campus. In addition to the principal loan, the financing included a loan for one property that required separate financing due to ground-lease restrictions.

October 16, 2017

Loans Maryland Multifamily Southeast

Capital One Provides $51M Acquisition Loan for Multifamily Community in Metro D.C.

by Camren Skelton October 13, 2017

BETHESDA, MD. — Capital One has provided a $51 million Fannie Mae loan for the acquisition of Rock Spring, a 386-unit multifamily community in Bethesda. Kristen Croxton and Greg Reed of Capital One originated the seven-year, fixed-rate loan with three years of interest-only payments and five years of yield maintenance on behalf of the borrower, Fairfield Residential. The property is subject to the Maryland Moderately Priced Dwelling Unit Program, which requires 70 units to be affordable to residents earning no more than 80 percent of the area median income. Rock Spring features a playground, pool, barbeque areas, two clubhouses, computer room and a fitness center.

October 13, 2017

Maryland Office Southeast

AXA Acquires Majority Stake in Metro D.C. Office Building for $139.8M

by Camren Skelton October 9, 2017

BETHESDA, MD. — AXA Investment Managers – Real Assets has acquired a majority stake in Montgomery Tower, a 367,000-square-foot office building in Bethesda, for $139.8 million. The firm acquired the interest from a joint venture between Rockpoint and MRP Realty, which will retain its ownership interest and continue to manage the property as AXA’s new joint venture partner. The 12-story, LEED Gold-certified building was constructed in 1980 and was recently renovated. Amenities include an updated lobby, breakout areas, conference center, 4,000-square-foot fitness center, modernized elevators, outdoor seating terrace, electric car charging stations and bike storage. Located six miles north of Washington, D.C., the asset is one block from the WMATA Bethesda Metro Station.

October 9, 2017

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