BETHESDA, MD. — Capital One has served as lead arranger and administrative agent for a $61 million syndicated loan and $12 million syndicated credit facility to affiliates of CommuniCare Health Services, a Cincinnati-based provider of post-acute care. CommuniCare will use the financing to purchase nine skilled nursing facilities in Ohio and Maryland from a publicly traded REIT.
LAUREL, MD. — M&T Realty Capital Corp. has provided a $26 million acquisition loan for Horizon Square Apartments, a 254-unit apartment community located in Laurel, roughly 20 miles from both Baltimore and Washington, D.C. About 53 percent of Horizon Square’s units comprise one-bedroom layouts, with the remaining units comprising two- and three-bedroom residences. Amenities include a fitness center, clubroom, swimming pool and a playground. Tim Weldon of M&T Realty Capital’s Washington, D.C., office originated the Freddie Mac loan on behalf of the borrower, ROSS Cos., which plans to upgrade the property’s lighting fixtures, entryways and unit interiors, as well as install new windows.
HANOVER, MD. — The Cordish Companies has unveiled plans for a $200 million expansion at Maryland Live! Casino in Hanover. The expansion will include a 17-story, flagship Live! Hotel tower; an event center; meeting spaces; new dining options; a Live! Retail store; approximately 1,000 additional parking spaces; and a day spa and fitness center. The hotel will offer 310 luxury guest rooms, 52 of which will be suites. The Grand Event Center will feature a 1,500-seat concert venue with a built-in performance stage. The development’s event center will also offer flexible pre-function and meeting space, an executive boardroom and banquet seating capable of hosting up to 800 guests. New dining options will include a 24-hour café, a gelato bar and a signature lobby bar with more than 50 seats. Contractors, project architects and designers tapped by The Cordish Cos. for the project include Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Assoc. and EDSA. Tutor Perini Corp. will be the project’s general contractor. The project is expected to create approximately 400 new jobs and 550 construction jobs for the region, according to the developers. …
BALTIMORE CITY, MD. — Greysteel has arranged the $7.5 million sale of Waverly Towers, a 51,550-square-foot urban retail center located in Baltimore City. The property was 96 percent leased at the time of sale to tenants including Advance Auto Parts, Family Dollar, Fresenius Medical Care and Ashley Stewart. Gil Neuman, Joyce Swain and Cyrus Kashfian of Greysteel represented the seller, Waverly Commons LLC, and procured the buyer, Brentwood Village LLC, in the transaction.
COLUMBIA, MD. — NAI KLNB has brokered the $19.6 million sale of Stonewood Business Center, a four-building office/warehouse development in Columbia, roughly 21 miles southwest of Baltimore in Howard County. The assets span nearly 150,000 square feet and are located at 7165-7195 Oakland Mills Road. The 7165 and 7175 buildings were delivered in 1985, and in 2009, the seller, an affiliate of The Sanford Cos., renovated the two existing buildings and delivered two new buildings. Eight tenants currently occupy the four buildings. Christopher Kubler and Bob Smith of NAI KLNB represented the seller in the transaction. The buyer was J2J LLC.
ELDERSBURG, MD. — Black Oak Associates has completed the $60 million redevelopment of Eldersburg Commons, a 300,000-square-foot shopping center formerly known as Carrolltown Mall. The retail development is located at 6400 Ridge Road in Eldersburg in Carrolltown County. The official grand opening and ribbon cutting ceremony is set for June 16. The project is anchored by a 190,000-square-foot Walmart Supercenter, which opened last fall. The redevelopment has attracted 17 new retailers, including AT&T, Chipotle Mexican Grill, Dental Care at Eldersburg Commons, Jimmy John’s, MOD Pizza, Noodles & Co., Olympia Sports, Petco, Sleepy’s, T.J. Maxx, Ulta Beauty and The Vitamin Shoppe. Other tenants opening later this year include Hair Cuttery, Luxury Nails & Spa, Menchie’s Frozen Yogurt and Sunny’s Fine Wines & Liquors. Eagle Realty served as Black Oak’s lending partner for the redevelopment. The project team includes leasing broker KLNB Retail, civil engineer Development Design Consultants, general contractor Glen Arm Building Co., traffic engineer The Traffic Group, traffic consultant Lenhart Traffic Consulting, architect Banta Campbell Architects and civil engineer Kimley-Horn.
BETHESDA, MD. — Walker & Dunlop Inc. has agreed to purchase the commercial mortgage servicing rights associated with a $3.8 billion servicing portfolio from Oppenheimer Multifamily Housing & Healthcare Finance Inc., a subsidiary of Oppenheimer Holdings Inc. Walker & Dunlop will use available capital to fund the approximately $45 million purchase price. The portfolio comprises more than 480 multifamily and healthcare loans insured by the U.S. Department of Housing and Urban Development (HUD). The acquisition will make Walker & Dunlop the largest HUD multifamily and healthcare servicer in the U.S.
BETHESDA, MD. — Carr Properties has acquired a 163,000-square-foot office building in the Central Business District of Bethesda for $105 million. The seller was an entity controlled by American Society of Health-System Pharmacists. Carr intends to redevelop and expand the four-story building into a mixed-use property that will include over 900,000 square feet of office, residential and retail space. The project will also include the addition of the Bethesda Purple Line Station, a new entrance to the Metro Red Line and a below-grade tunnel for the Capital Crescent Trail. The property is located at 7272 Wisconsin Ave. “We believe that the Apex site, as redeveloped, will be the new commercial hub of the Bethesda market with unparalleled access to public transportation, bike trails and the thriving restaurant and retail of Bethesda Row,” says Oliver Carr III, CEO of Carr Properties. “We could not be more excited about this opportunity for our company.” In a related transaction, the American Society of Health-System Pharmacists will relocate its headquarters to Carr’s recently developed LEED Platinum-certified office building located at 4500 East West Highway in Bethesda. Carr Properties is a private REIT that owns, acquires and develops commercial real estate, predominately office properties, in …
NORTH BETHESDA, MD. — Monument Realty has inked a full-building lease with Abt Associates at 6130 Executive Blvd. in North Bethesda, roughly 12 miles outside of Washington, D.C. The 155,000-square-foot lease is the first of the two-building, 328,000-square-foot Executive Plaza that Monument Realty recently renovated. The $10 million renovation included common area upgrades, new mechanical systems and exterior and interior repairs, as well as the addition of a new fitness center, café and a 3,500-square-foot conference center. Abt Associates is a global research and development firm that has multiple offices in the U.S. and program offices in more than 40 countries. Cushman & Wakefield and Newmark Grubb Knight Frank represented Abt in the lease transaction. Avison Young represented Monument Realty and its partner, Angelo, Gordon & Co.
WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is …