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