FREDERICK, MD. — NorthMarq Capital has arranged the $5.3 million refinance of Festival at Frederick, a 90,359-square-foot shopping center located at 430-490 Prospect Blvd. in Frederick. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.
OWINGS MILLS, MD. — The Greysteel Co. has brokered the $31.7 million sale of New Town Village Center, a 117,593-square-foot grocery-anchored shopping center located at 9700-9780 Groffs Mill Drive in Owings Mills. Constructed in 1996, the shopping center was 98 percent leased at the time of sale to tenants such as Giant Food, Starbucks Coffee, Hair Cuttery, M&T Bank, Merritt Athletic and Ledo Pizza. Gil Neuman of Greysteel’s Mid-Atlantic office led the Greysteel team in representing the seller, Black Oak Associates LLC. Greysteel also procured the buyer, Inland Real Estate Group Inc.
ELKTON, MD. — The Community Builders Inc. (TCB) and Home Partnership Inc. have completed construction on the $11 million North Street Senior Residences at 214 North St. in Elkton. Several local officials, including Elkton Mayor Robert J. Alt and Cecil County Executive Tari Moore, attended the opening of the new affordable seniors housing community. The new development, built from a former historic county jail which was most recently a community center, brings 53 new units to Elkton area seniors. The one-bedroom apartments average over 600 square feet of living space with monthly rents ranging from $434 to $675. The two-bedroom apartments offer nearly 900 square feet with monthly rents ranging from $755 to $795 depending on resident income. North Street Senior Residences, which is managed by Habitat America, is the first TCB development in Maryland.
ODENTON, MD. — Baybridge Properties has kicked off construction on Phase I of Meade Center, a mixed-use project in Odenton, roughly 20 miles south of Baltimore. Phase I comprises the All American Steakhouse & Sports Theatre, which is slated for a fall 2015 opening. Phase II includes a 29,800-square-foot center with roughly 14,300 square feet of ground-level retail space and 15,500 square feet of second-floor office space. Phase II is expected to be completed by the second quarter of 2016. Klein Enterprises/Metropolitan Management LLC will lease the asset. The Meade Center location in Odenton will be All American Steakhouse & Sports Theatre’s eighth location, according to owners George Jones and Brock Anderson.
HANOVER, MD. — MCR Development LLC has completed the renovation of the TownePlace Suites by Marriott Arundel Mills BWI Airport in Hanover, roughly four miles from the Baltimore/Washington International Thurgood Marshall Airport. The 109-room hotel is located at 7021 Arundel Mills Circle. The renovation included updating the lobby with new furniture and carpeting, installing new lighting fixtures and updating the hotel’s signage. This is the eighth hotel in the metro Baltimore area that MCR Development has renovated in the past 10 months.
GAITHERSBURG, MD. — CBRE’s National Retail Investment Group has brokered the $19.5 million sale of Goshen Crossing, a 78,456-square-foot grocery-anchored shopping center in Gaithersburg. Giant Food anchors the center and master ground leases the entire property on a long-term triple-net basis, occupying the majority of the center and subleasing the remaining portion to a mix of national and local tenants. The center was fully leased at the time of sale. Jeffrey Dunne, David Gavin, Bill Kent and Ryan Sciullo of CBRE represented the seller, GC Gaithersburg LLC, an entity controlled by Ceruzzi Properties. The CBRE team also procured the buyer, a private investor based in New York that acquired the asset as part of a 1031 tax-deferred exchange.
COLUMBIA, MD. — Wood Partners LLC plans to break ground this month on Alta Wilde Lake, a $45 million, 230-unit multifamily community in downtown Columbia. The property will be located on 2.8 acres at 5420 Lynx Lane and be a component of the redevelopment at Wilde Lake Village Center. The property will feature two five-story apartment buildings connected via a three-level sky bridge over Lynx Lane. The property will feature a clubhouse with a sports lounge, café, business center, conference room, pet spa, bicycle storage and maintenance room, resort-style saltwater pool, fire pit, outdoor kitchen, grilling stations, fitness center and an aerobic studio. Alta Wilde Lake will also feature 5,000 square feet of ground-floor retail space. JDavis Architects designed the project, and Wood Residential Services will manage the property upon completion. Apartments will be available for lease in summer 2016.
ABERDEEN, MD. — Meridian Capital Group has arranged $13.6 million in bridge and construction financing for two hotels in Aberdeen, roughly 32 miles north of Baltimore via I-95. The borrower, Cross Roads Hospitality, will use the financing to reposition an existing property at 793 W. Bel Air Ave. as an 80-room LaQuinta Inn & Suites hotel and construct a new 98-room Hampton hotel. Tal Bar-Or, Beau Williams and Judah Neuman of Meridian Capital Group’s New York City office arranged the two-year bridge and construction loan through a national bridge lender. The loan features interest-only payments for the full term.
BALTIMORE — Cronheim Mortgage Corp. has arranged $52.7 million in financing for THE AVENUE at White Marsh, a 298,000-square-foot main street lifestyle center in Baltimore’s White Marsh community. Constructed in 1997, THE AVENUE’s tenant roster includes a 16-screen AMC Theatre with an IMAX screen, Ulta Beauty, Chico’s, Old Navy, Starbucks, A.C. Moore, Staples, Carter’s, Famous Footwear and Pier 1 Imports. Andrew Stewart and Dev Morris of Cronheim arranged the seven-year, interest-only loan with a fixed interest rate of 3.35 percent on behalf of the borrower, Federal Realty Investment Trust.
LINTHICUM, MD. — MAC Realty Advisors LLC has placed approximately $22 million in joint venture equity for the development of Alexan Concorde Circle, a 310-unit apartment community in Linthicum, roughly 10 miles south of Baltimore. The 11.4-acre site is located off of Nursery Road and is one mile from the Baltimore Washington International Thurgood Marshall Airport, Amtrak and MARC stations. MAC placed the equity through an unnamed private equity real estate fund on behalf of the developer, Trammell Crow Residential. Trammell Crow will break ground on the project in the second quarter and will deliver the first units in the third quarter of 2016.
