WOODBRIDGE, VA. — CBRE National Senior Housing’s investment properties team has arranged the sale of HarborChase of Prince William Commons, a Class A seniors housing community in Woodbridge, a suburb of Washington D.C. Built in 2018, HarborChase of Prince William Commons is a three-story building with 127 units of assisted living, transitional memory care and memory care units. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE represented the sellers, Silverstone Senior Living and Lionstone Investments. Although the price was not disclosed, CBRE National Senior Housing’s debt and structured finance team consisting of Aron Will, Tim Root, and Michael Cregan arranged acquisition financing on behalf of the buyer, Artemis Real Estate Partners. CBRE secured a five-year, $31.3 million, fixed-rate loan from a regional bank with 24 months of interest-only payments. The Arbor Co. will operate the community following the acquisition.
Across the country, investors are facing some difficult hurdles. Rising interest rates, impending economic recession and rising construction costs are making it increasingly difficult for proposed deals to penicl out for investors. These issues, coupled with a swath of non-performing loans that are nearing maturity, have been the first indications we have seen of a bear market in the real estate world, and there are no signs of improvement in the near future. In times of uncertainty, we often see investors adhere to a conservative approach to investment, which normally means increased focus on core markets and assets. One area of focus in which investors have remained bullish is Washington, D.C.’s multifamily market as it continues to thrive, despite turmoil in the larger U.S. economy. Developers broke ground on new multifamily product in excess of 4,000 units for the fourth consecutive quarter, a first for the D.C. market. Multifamily sales volume has not quite matched the bull market of 2021; however, sales in 2022 still outpace most years in the metro’s history. Whether it’s construction on ground-up development of multifamily product, or the purchase of existing multifamily product, the D.C market has not shown any signs of slowing down. For …
ATLANTA — San Francisco-based Spear Street Capital has purchased three office buildings in Atlanta for $247.5 million. Situated within the Perimeter Summit development, the properties are located at 1001, 2002 and 4004 Summit Blvd. Perimeter Summit was leased to 12 tenants at the time of sale and features amenities including fitness centers, conferencing centers, common area workspaces, underground parking and jogging trails and green space. Richard Reid, Ed Coco, Ryan Clutter, Ralph Smalley and Huston Green of JLL Capital Markets represented the undisclosed seller in the transaction.
TAMPA, FLA. — Bromley Cos. and Highwoods Properties have broken ground on Midtown East, an 18-floor office tower located within the duo’s Midtown Tampa mixed-use development. Comprising 430,000 square feet, the project is designed by architectural firm Rule Joy Trammell + Rubio and Brasfield & Gorrie is serving as general contractor. Scheduled for completion in 2025, the tower will be the anchor building within Midtown Tampa. The development’s existing office space is currently over 98 percent leased. Bromley and Highwoods will jointly own 134,000 square feet of the finished building, with the remaining space serving as the headquarters for Tampa Electric and Peoples Gas.
COLUMBIA, MD. — JLL Capital Markets has arranged separate refinancings totaling $193 million for two properties located in downtown Columbia. Jamie Leachman and Drake Greer of JLL secured the financing on behalf of the borrower, The Howard Hughes Corp. An undisclosed lender provided a $76 million, three-year, fixed-rate loan for the first property, a 317,189-square-foot office building located at 6100 Merriweather Drive. JLL also arranged a $117 million, five-year, fixed-rate loan for Juniper, an apartment community built in 2020 that also features 55,693 square feet of street-level retail space. Both properties are positioned within the mixed-use Merriweather District, and both loans were used to take out existing construction financing.
HOLLY SPRINGS, N.C. — Affiliates of Apollo and GeneSuites are underway on the construction of Catalyst BioCampus, a 446,000-square-foot biomanufacturing development in Holly Springs, roughly 20 miles southwest of Raleigh. The development, which is scheduled for completion early this year, will be pre-equipped with mechanical, electrical and building infrastructure designed in accordance with Current Good Manufacturing Practice (cGMP) specific to biomanufacturing facilities. This design, branded High Performance Shell by GeneSuites, will support the acceleration of speed-to-market for biopharmaceutical companies by approximately nine to 15 months, according to CBRE|Raleigh. Lee Cllyburn John Hogan III of CBRE|Raleigh are handling leasing at the development.
FORT WALTON BEACH, FLA. — U-Haul has completed the development of a new, 800-unit self-storage facility in Fort Walton Beach dubbed U-Haul Moving & Storage of the Emerald Coast. Located at 200 Irwin Ave., the facility comprises 138,000 square feet. U-Haul acquired the property, which was originally constructed in 1971 and formerly housed a J.M. Fields department store and Kmart, in 2019. The acquisition and adaptive reuse of the site aligns with U-Haul’s corporate sustainability initiatives, and the company worked with the Audubon Society to maintain a bird-friendly rooftop for the threatened Least Turn and Black Skimmer species.
SILVER SPRING, MD. — Enterprise Community Development Inc. has purchased Parkside Terrace Apartments, an 87-unit workforce housing community located in Silver Spring, a suburb of Washington, D.C. The buyer plans to preserve the natural occurring affordable housing (NOAH) property by reserving units for households earning up to 60 percent of area median income (AMI). Enterprise Community Development purchased the community from an undisclosed seller for $20 million. The Montgomery County Department of Housing and Community Affairs provided a $5 million bridge loan to the buyer through its Affordable Housing Opportunity Fund. Built in 1962, Parkside Terrace comprises one- and two-bedroom units spread across three- and four-story garden-style apartment buildings. Enterprise Community Development plans to make capital improvements to the property.
NASHVILLE, TENN. — The Amazon Housing Equity Fund has provided an $18.8 million construction loan for Harpeth Valley Apartments, a 251-unit, garden-style affordable housing development located at 8101 McCrory Lane in Nashville. The fund is Amazon’s more than $2 billion commitment to create and preserve affordable housing in the markets where it has corporate campuses: Seattle, Northern Virginia and Nashville. C.W. Early of JLL arranged the long-term, fixed-rate loan on behalf of the borrower, Elmington Capital. Set for completion in late 2024, Harpeth Valley will feature units that are affordable to households earning 60 percent of the area median income (AMI) through 2072. The property will consist of one-, two- and three-bedroom apartments, as well as a clubhouse, exercise room, pool, onsite management, bike storage and common area Wi-Fi.
UPPER MARLBORO, MD. — KLNB has arranged the $10.8 million sale of Marlboro Square, a 92,649-square-foot shopping center located at 5715 Crain Highway in Upper Marlboro, a suburb of Washington, D.C. Vito Lupo, Chris Burnham, Andy Stape and Jake Furnary of KLNB represented the seller, an entity doing business as Marlboro Investors LLC, in the transaction. Renaud Consulting represented the undisclosed buyer. Marlboro Square was fully leased at the time of sale to tenants including grocery anchor Weis, Advance Auto Parts and Dollar Tree, as well as medical, fitness and food-and-beverage tenants.