REBusinessOnline

Bristol Development Opens 301-Unit Multifamily Complex in Richmond

RICHMOND, VA. — Bristol Development Group has opened Canopy at Ginter, a 301-unit multifamily complex in Richmond. Canopy at Ginter offers 112 one-bedroom floor plans, 186 two-bedroom floor plans and three three-bedrooms plans ranging in size from 629 square feet to 1,623 square feet. Additionally, several units feature attached garages. Communal amenities include a clubhouse with a kitchen, saltwater swimming pool, bike storage, pet spa, fitness and yoga studio, outdoor pool table, Wi-Fi …

Hamilton Zanze Acquires 248-Unit Multifamily Community in Northern Virginia

ALEXANDRIA, VA. — Hamilton Zanze has acquired Abbotts Run, a 248-unit multifamily community in Alexandria. The property offers one- and two-bedroom floor plans ranging in size from 693 to 1,352 square feet. Amenities include a 24-hour clubhouse, game room, swimming pool, playground, tennis and volleyball courts, car washing station and outdoor picnic and grilling stations. The previous owner renovated all but 17 units. Hamilton Zanze plans to complete the renovation of the property, which was …

Barnett Properties Breaks Ground on Publix-Anchored Shopping Center in Northern Virginia

STAFFORD, VA. — Barnett Properties has broken ground on Embrey Mill Town Center, a Publix-anchored shopping center in Stafford. The property will also feature 26,500 square feet of small shop space. Carter Bank provided construction financing. Freeman Morgan Architects designed the shopping center, and VHB is the engineer. Steve Sartorio of Barnett Properties will handle leasing efforts. Barnett Properties expects to open Embrey Mill Town Center in early 2021. This Publix will join locations …

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The …

Hines, Oaktree Acquire 178,700 SF Office Building in Metro D.C. for $93.2M

BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia. The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles. Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at …

Phillips Realty Capital Arranges $67M Refinancing Loan for Data Center, Office Building in Northern Virginia

VIENNA, VA. — Phillips Realty Capital has arranged a $67 million refinancing loan for a 199,097-square-foot Tier III data center and office building in Vienna. The borrowers acquired the building in 2016 and immediately began renovations. The funds are being used to refinance the initial construction loan as well as add 130,000 square feet of raised floor, including an 8 MW expansion of critical power. The data center is categorized as a Tier III center due to having 99.982 percent …

American Commercial Realty Purchases 198,741 SF Shopping Center in Hampton Roads Region

CHESAPEAKE, VA. — American Commercial Realty Corp. (ACR) has purchased Crossroads at Chesapeake Square, a 198,741-square-foot shopping center in Chesapeake. Ross Dress for Less, Aldi, Best Buy and Old Navy anchor the center. The Hampton Roads property was built in 1991 with Walmart as its anchor. Walmart relocated in 2005, making room for a new tenant mix. This is ACR’s first purchase in Virginia. Virginia Beach-based Divaris Real Estate will manage the leasing for the

NorthMarq Arranges $16M Construction Loan for Student Housing Complex Near Virginia Tech

BLACKSBURG, VA. — NorthMarq has arranged $16 million in construction financing for Park 37 Apartments, a 215-bed student housing community located near the Virginia Tech campus in Blacksburg. Mike Lowry of NorthMarq secured the loan through a regional bank on behalf of an undisclosed, Virginia-based developer. The financing features a three-year term and interest-only payments. The developer broke ground on Park 37 Apartments in April, with completion scheduled for July 2020. Shared …

JLL Negotiates Sale of 731-Room Hotel Portfolio in Mid-Atlantic, Texas

CHICAGO — JLL has negotiated the sale of five Courtyard by Marriott hotels totaling 731 rooms. The portfolio includes Courtyard New Carrollton in Landover, Md.; Courtyard Fairfax Fair Oaks in Fairfax, Va.; Courtyard Baltimore Hunt Valley in Hunt Valley, Md.; and Courtyard San Antonio Airport and Courtyard San Antonio Medical Center in San Antonio. JLL represented the seller, Colony Capital Inc., in the transaction. The buyer was a partnership between Flynn Properties Inc. and EMA Lodging …

Freddie Mac Predicts 8 Percent Increase for 2019 Multifamily Loan Origination Volume

MCLEAN, VA. — In its 2019 Midyear Outlook, Freddie Mac projects the multifamily rental market to have strong volume growth in the second half of 2019. Combined with a strong labor market and low interest rate, the McLean-based agency believes loan originations will reach $336 billion for the year, which would be an 8 percent increase from the prior year's total. “A strong labor market and a persistent housing shortage have continued to fuel a robust rental market,” said Steve …

Conferences