Maryland

Bellwether Enterprise Arranges $185M Refinancing for Multifamily Portfolio in California, Maryland

by Kristin Harlow August 18, 2017

LOS ANGELES, WOODLAND HILLS, CALIF. AND LAUREL, MD. — Bellwether Enterprise Real Estate Capital LLC has arranged three loans totaling $185.1 million for the refinancing of a multifamily portfolio located in California and Maryland. The portfolio consists of three properties totaling 1,384 units. The assets include: Avalon Russet in Laurel, Md.; eaves Woodland Hills in Woodland Hills, Calif.; and eaves Los Feliz in Los Angeles. Kip Kimble of Bellwether Enterprise arranged the 10-year loans for the borrower, AvalonBay Communities (NYSE: AVB). New York Life was the lender. AvalonBay Communities is a real estate investment trust that owns and manages apartment properties concentrated in the Northeast and Western regions. Bellwether Enterprise is a subsidiary of Enterprise Community Investment. — Kristin Hiller

August 18, 2017

Industrial Maryland Southeast

Finmarc Acquires Industrial Portfolio in Metro DC for $8.6M

by Camren Skelton August 16, 2017

ROCKVILLE, MD. — Finmarc Management Inc. has acquired a four-building warehouse portfolio in Rockville, roughly 17 miles north of Washington, D.C., for $8.6 million. Located at 627, 649 and 655 N. Horners Lane and 202 Mason Drive, the portfolio comprises 123,000 square feet. Jay Clogg of Jay Clogg Realty Group Inc. represented the undisclosed seller in the transaction and will handle the property’s leasing assignment. At the time of sale, the portfolio, known as the EU Services Buildings, was fully leased to Envelopes Unlimited, an envelope printing company. The buildings feature ceiling heights ranging from 14 to 24 feet, multiple loading docks, drive-in doors and a 120-space free-surface parking lot.

August 16, 2017

Maryland Multifamily Southeast

Co-Developers Open Residential Component of Annapolis Junction Town Center in Maryland

by Camren Skelton August 15, 2017

ANNAPOLIS JUNCTION, MD. — Somerset Construction Co. and Armada Hoffler Properties, the developers behind Annapolis Junction Town Center, have opened the development’s multifamily component, The Residences at Annapolis Junction. The five-story, 416-unit apartment community includes a mix of studio, one- and two-bedroom units ranging in size from 520 square feet to 1,629 square feet. The LEED Gold-certified property features energy-efficient heating, ventilating and air-conditioning and central hot water systems, low-flow plumbing fixtures and Energy Star-rated appliances. Community amenities include a fitness center, media center, community kitchen, business center, pet spa and a saltwater swimming pool with cabanas, grills and gazebos. S.L. Nusbaum Realty Co. will manage the property. Annapolis Junction Town Center is a 19-acre mixed-use, transit-oriented development and is situated adjacent to the Savage Maryland Rail Commuter Rail Station roughly halfway between Baltimore and Washington, D.C. The property is approximately 25 miles northwest of the United States Naval Academy. St. John Properties is partnering with Somerset Construction to develop the office and retail space within Annapolis Junction Town Center.

August 15, 2017

Industrial Maryland Southeast

Terreno Realty Sells Industrial Portfolio in Metro Baltimore for $40.5M

by Camren Skelton August 15, 2017

SAVAGE AND ELKRIDGE, MD. — Terreno Realty Corp. has sold two industrial properties in metro Baltimore for $40.5 million. The portfolio includes a 99,000-square-foot industrial building situated on roughly 12.6 acres at 8730 Bollman Place in Savage, roughly 18 miles southwest of Baltimore, and two industrial buildings totaling 349,000 square feet that are situated on approximately 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road in Elkridge, roughly 11 miles southwest of Baltimore. Both properties were 100 percent leased at the time of sale. The buyer was not disclosed.

August 15, 2017

Maryland Office Southeast

Merritt Properties Acquires 121,414 SF Office Building in Metro Baltimore for $24.6M

by Camren Skelton August 14, 2017

TOWSON, MD. — Merritt Properties has purchased 100 West Road, a 121,414-square-foot office building located at West Road and the Baltimore Beltway in Towson, roughly 15 miles north of Baltimore, for $24.6 million. The five-story, Class A building is LEED-EB Gold-certified and features open-air balconies, free surface parking, a conference center, onsite café and a fitness center. At the time of sale, the building was fully leased to tenants including Comcast, Robert W. Baird & Co., Regus and Liberty Mutual.

August 14, 2017

Maryland Office Southeast

Cushman & Wakefield Completes $30.1M Sale of Four-Building Office Portfolio in Metro Baltimore

by Camren Skelton August 10, 2017

COLUMBIA, MD. — Cushman & Wakefield has arranged the $30.1 million sale of Lakeview I and II, a four-building office portfolio in Columbia, roughly 20 miles southwest of Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller, Goldman Sachs, in the transaction. CSG Partners acquired the buildings, which are situated at 9801, 9821, 9841 and 9861 Broken Land Parkway. The portfolio was 82 percent leased at the time of sale. CSG Partners has retained Cushman & Wakefield’s Andrew Smith and Scott Matthews to handle the property’s leasing assignment.

August 10, 2017

Affordable Housing Maryland Multifamily Southeast Virginia

CBRE Brokers Sale of 43-Property Affordable Housing Portfolio in Mid-Atlantic

by Camren Skelton August 8, 2017

COLUMBIA, MD. — CBRE Affordable Housing has arranged the sale of a 43-property, 4,153-unit affordable housing portfolio spread across Maryland, Virginia and Pennsylvania. Jeff Kunitz of CBRE arranged the transaction on behalf of the seller, Baltimore-based Shelter Group. Columbia, Md.-based Enterprise Community Investment purchased the portfolio for an undisclosed price. The portfolio includes 35 properties across Maryland, one property in Virginia and seven properties in Pennsylvania. All of the properties contain LIHTC, HAP or Senior Housing restrictions, and two were under new construction at the time of sale. In addition to the portfolio, Enterprise Community Investment acquired the property management company that operated the Shelter Group’s affordable housing portfolio.

August 8, 2017

Maryland Multifamily Southeast

New York Investors Purchase Multifamily Portfolio in Metro D.C. for $90M

by Camren Skelton August 3, 2017

ADELPHI, MD. — Besyata Investment Group and The Scharf Group, two New York-based single-family offices, have acquired The Communities at Arbor Vista, a 675-unit multifamily portfolio in Adelphi, roughly nine miles north of Washington, D.C., for $90 million. Jeff Seidenfeld of Eastern Union Funding arranged acquisition financing on behalf of the buyers. Constructed in 1960, the Class B, garden-style apartment development comprises three communities: Arbor Vista, Sienna Creek and Sienna Gardens. The portfolio features a swimming pool, playgrounds, fitness and business centers, laundry facilities and a soccer field. BH Management will manage the property and handle ongoing leasing.

August 3, 2017

Loans Maryland Office Southeast

Phillips Realty Capital Secures $30M Loan for Office Building in North Bethesda

by Camren Skelton August 1, 2017

NORTH BETHESDA, MD. — Phillips Realty Capital has secured a $30 million loan for 6116 Executive Blvd., an eight-story, 217,732-square-foot office building in North Bethesda. John Sieber, David Foulk and Patrick Kelly of Phillips Realty structured the loan on behalf of the buyer, Goodstone LLC, which acquired the vacant building in April for $9.5 million. Constructed in 1989, the building was vacated by the National Institutes of Health’s National Cancer Institute in 2013. Goodstone’s capital improvement plan features new and contemporary entries, elevators and common areas, including a fitness center, conference facility, vending café, visitor lounge and upper-floor tenant terrace. The property also includes a three-story underground parking garage. JLL will handle the office’s leasing assignment, and Cushman & Wakefield will manage the property. Occupancy is slated for availability in June 2018.

August 1, 2017

Loans Maryland Retail Southeast

Revere Capital Provides $17M Bridge Loan for Mall in Metro Baltimore

by Camren Skelton July 31, 2017

GLEN BURNIE, MD. — Revere Capital has provided a $17 million bridge loan for Marley Station Mall, an 800,000-square foot, Class B mall located at 7900 Ritchie Highway in Glen Burnie, roughly 11 miles south of Baltimore. Matt Turner of Revere Capital structured the loan. Constructed in 1987, Marley Station Mall is anchored by JC Penney, Sears and Macy’s, and is home to 120 stores including Gold’s Gym, Bath & Body Works, Men’s Wearhouse, Victoria’s Secret, Kay Jewelers, Justice and Marley Station Movies.

July 31, 2017

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