Maryland

Walker & Dunlop Secures $72.6M HUD Construction Loan for Multifamily Asset in Metro Baltimore

by Camren Skelton June 27, 2017

MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan with a debt service coverage ratio of 1.176x. The Berkleigh is part of the Baltimore @ 95, a master-planned, mixed-use development that will contain office, flex and retail space, as well as hotels, single-family homes, townhouses and apartment communities.

June 27, 2017

Maryland Multifamily Southeast

Donaldson Group, DRA Advisors Acquire Multifamily Community in Metro D.C. for $15.1M

by Camren Skelton June 26, 2017

TEMPLE HILLS, MD. — The Donaldson Group and its equity partner, DRA Advisors LLC, have acquired Brinkley Manor Apartments, a 126-unit, garden-style apartment community located in Temple Hills, roughly 15 miles southeast of Washington, D.C. The partnership purchased the property for $15.1 million with plans to invest additional capital in renovations. CBRE’s Robert LaChapelle and Matthew Forgione arranged financing through Fannie Mae’s Green Loan Program. CBRE’s Michael Muldowney and Brian Margerum represented the undisclosed seller in the transaction. Constructed in 1972, Brinkley Manor includes one-, two- and three-bedroom units ranging from 813 to 1,448 square feet. Renovation plans include replacement of the utility system and upgraded buildings, common areas and property grounds.

June 26, 2017

Healthcare Maryland Southeast

Trammell Crow, Meadow Partners Break Ground on 93,100 SF Medical Office Facility in Metro D.C.

by John Nelson June 20, 2017

NATIONAL HARBOR, MD. — Trammell Crow Co. and its partner, Meadow Partners, have broken ground on the Medical Pavilion at National Harbor, a 93,100-square-foot, Class A medical office building located at 251 National Harbor Blvd., roughly 11 miles south of Washington, D.C. The five-story building will be home to medical and clinical specialties, including dermatology, wellness and functional fitness, orthopedics, primary care and an ambulatory surgery center. Located within the master-planned community developed by Peterson Cos., the Pavilion will be among amenities and attractions including the Gaylord National Resort and Convention Center, Tanger Outlets, The Capital Wheel and MGM National Harbor. The building was 62 percent preleased at groundbreaking. CBRE’s John Kerr and Daniel McGivney will handle the project’s leasing and marketing efforts.

June 20, 2017

Maryland Office Southeast

Federal Realty Investment Trust Reveals Plans for New Pike & Rose Office Building in North Bethesda

by Camren Skelton June 16, 2017

NORTH BETHESDA, MD. — Federal Realty Investment Trust has revealed plans for 909 Rose Ave., the second office building within the 24-acre Pike & Rose mixed-use project in North Bethesda. Designed by Hickok Cole, the 11-story, Class A, LEED Silver-certified office building will include panoramic views from the rooftop terrace, meeting rooms, collaborative spaces, bike storage and a gym facility with showers. Tenant build-out could begin as early as the fall of 2019, with move-in by the first quarter of 2020. Merrill Lynch, Bank of America, Regus and Hilti are among the tenants in Pike & Rose’s first office building. Other components of Pike & Rose include more than 20 restaurants and 25 retail shops.

June 16, 2017

Maryland Office Southeast

Marcus & Millichap Negotiates $4.2M Sale of Office Building in Downtown Baltimore

by John Nelson May 10, 2017

BALTIMORE — Marcus & Millichap has arranged the $4.2 million sale of The American Building, an 81,750-square-foot office building located at 231 E. Baltimore St. in downtown Baltimore. Built in 1905, the property served as the The Baltimore American newspaper’s headquarters until 1986. The office building was 51 percent leased at the time of sale to nonprofit organizations, government agencies, law firms and retailers. Robert Filley and Christian Beck of Marcus & Millichap represented the seller in the transaction.

May 10, 2017

Maryland Multifamily Southeast

Continental Realty Launches $12M Renovation of Apartment Community in Baltimore County

by John Nelson May 1, 2017

PARKVILLE, MD. — Continental Realty Corp. has launched a $12 million improvement campaign for the interiors and exteriors at Kenilworth at Perring Park, a 567-unit apartment community located at 8951 Waltham Woods Road in Parkville, a city within Baltimore County. The renovations include the addition of a 1,573-square-foot community clubhouse that is expected to open in June. The clubhouse will feature a fitness center, sound system, open kitchen and vaulted ceilings. The swimming pool will also get a makeover with the addition of a splash pad, new pool deck and furniture. Continental Realty’s five-year interior upgrade campaign will include stainless steel appliances, granite countertops and an open kitchen concept. Continental Realty has selected Mullan Contracting Co. to handle general contracting services.

May 1, 2017

Maryland Office Southeast

Goodstone Buys Vacant Office Building in Bethesda at Auction for $9.5M

by John Nelson April 25, 2017

BETHESDA, MD. — Goodstone LLC, a Washington, D.C.-based real estate investment firm, has purchased a vacant 217,732-square-foot office building at 6116 Executive Blvd. in Bethesda for $9.5 million. Special servicer LNR sold the asset at auction via Ten X Commercial on behalf of WBCMT 2005-C21 Office 6116. Formerly the home of the National Institutes of Health’s National Cancer Institute, the building sold for $81.4 million in 2005. In the coming year the building will be renovated and updated to include a fitness center, conference facility, vending café and visitor lounge and upper floor tenant terrace with outdoor seating. Work is expected to conclude and occupancy to be available in April, 2018.

April 25, 2017

Maryland Mixed-Use Southeast

Continental Realty Acquires Waterfront Mixed-Use Property in Baltimore for $21M

by John Nelson April 18, 2017

BALTIMORE — Continental Realty Corp. has acquired Brown’s Wharf, a 104,000-square-foot mixed-use property situated along the Fells Point waterfront in Baltimore. The Baltimore-based firm purchased Brown’s Wharf from Hunt Investment Management for $21 million. Located at 1615-1637 Thames St., Brown’s Wharf was 77 percent leased to retail and restaurant tenants such as Barcocina, CFG Community Bank, 7-Eleven, Fells Point Surf Co. and aMuse of Fell’s Point. Office tenants include Johns Hopkins University affiliate Jhpiego. Jay Wellschlager and Andrew Finkelstein of JLL represented the seller in the transaction. Continental Realty plans to invest $2 million to upgrade the building systems, interior common areas and build a new marina. The company is joint venturing with Baltimore-based WorkShop Development, and Doug Schmidt, Richard Manekin and Neil Tucker of WorkShop Development will oversee the day-to-day operations and execute the partnership’s redevelopment plans for Brown’s Wharf. David Strouse of Birchwood Capital arranged acquisition financing through PNC Bank on behalf of Continental Realty. Robert Manekin, Tony Gross and Peter Jackson of JLL will provide office leasing brokerage services at Brown’s Wharf.

April 18, 2017

Loans Maryland Multifamily Southeast

MidCap Financial Provides $20M Acquisition Loan for Apartment Community in Metro Baltimore

by John Nelson April 10, 2017

GLEN BURNIE, MD. — MidCap Financial has provided a three-year, $20 million acquisition loan for Quarterfield Crossing, a 200-unit, garden-style multifamily community located in Glen Burnie, about 13 miles south of Baltimore. MidCap Financial provided the financing to Blackfin Real Estate Investors and limited partner Capital Solutions. Dan Martin of Walker & Dunlop arranged the financing.

April 10, 2017

Maryland Office Southeast

Kaiser Permanente Plans New 176,000 SF Office Building in Metro D.C.

by John Nelson April 7, 2017

NEW CARROLLTON, MD. — Kaiser Permanente of the Mid-Atlantic States plans to open a new 176,000-square-foot administrative and IT building in New Carrollton, roughly 12 miles east of Washington, D.C., in Prince George’s County. The facility will have room for approximately 850 employees. The office building will anchor a mixed-use development adjacent to the New Carrollton Transit Center, a transit station that services the Washington Metro, MARC and Amtrak lines. Other components of the transit-oriented development, which is being developed by Urban Atlantic and Forest City Realty Trust, will include retail, residential and a community park. Construction of the Kaiser Permanente building will be complete in November 2018.

April 7, 2017

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