Virginia

CA Ventures Delivers Eight Student Housing Communities for 2016/2017 School Year

by Haisten Willis September 21, 2016

CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …

September 21, 2016

District of Columbia Retail Southeast Virginia

Saks Fifth Avenue OFF 5TH Expands Footprint in Greater D.C. Area

by John Nelson September 20, 2016

SPRINGFIELD, VA. AND WASHINGTON, D.C. — Saks Fifth Avenue OFF 5TH has two locations opening in the metro Washington, D.C., area within a week of each other. The new locations total more than 60,000 square feet. The retailer has opened a two-level, 30,000-square-foot store at Springfield Town Center in Springfield, with plans to open a 33,000-square-foot store at 555 12th St. N.W. in Washington, D.C., this week. The Springfield store is the first Saks OFF 5TH to open in northern Virginia and the first in PREIT’s portfolio. The D.C. store will open on Thursday within the historic Thurman Arnold Building. According to Jonathan Greller, president of Saks OFF 5TH, there will be two more locations opening in the Mid-Atlantic region in October.

September 20, 2016

Loans Multifamily Southeast Virginia

Phillips Realty Capital Secures $24M Loan for Renovated Apartment Community in Downtown Richmond

by John Nelson September 14, 2016

RICHMOND, VA. — Phillips Realty Capital has secured a $24 million loan for 8th & Main Apartments, an adaptive reuse apartment community located in downtown Richmond. The property features 195 loft residences with one-, two- and four-bedroom layouts; nearly 10,000 square feet of ground-floor commercial space, the majority of which has been leased to Apple REIT; a rooftop swimming pool and terrace; and a fitness center. Charles DuBose structured the loan on behalf of the borrower, The Monument Cos. Monument converted the former Morris Plan Bank and office building into a Class A apartment community using Historic Rehabilitation Tax Credits.

September 14, 2016

Retail Southeast Virginia

Chevy Chase Land Acquires Shopping Center in Metro D.C. for $62M

by John Nelson September 7, 2016

RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shopping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safeway-anchored property for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village’s tenant roster includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.

September 7, 2016

Multifamily Southeast Virginia

Federal Capital Partners Buys Apartment Community in Metro D.C. for $60.5M

by John Nelson September 7, 2016

WOODBRIDGE, VA. — Federal Capital Partners (FCP) has purchased Windsor at Potomac Vista, a three-story, garden-style apartment community located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from an undisclosed seller for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Potomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two playgrounds. Apartment interiors feature full-size washers and dryers, laminate hardwood floors, new cabinets and countertops, walk-in closets and breakfast bars. Walter Coker and Brian Crivella of HFF represented the seller in the transaction.

September 7, 2016

Loans Multifamily Southeast Virginia

Greystone Provides $33.3M Construction Loan for Apartment Community in Virginia Beach

by John Nelson September 6, 2016

VIRGINIA BEACH, VA. — Greystone has provided a $33.3 million construction loan for The Choices at Holland Windsor, a 252-unit apartment community in Virginia Beach. The property will comprise seven buildings located at the intersection of Holland Road and Windsor Oaks. Donny Rosenberg of Greystone arranged the HUD 221(d)(4) loan, the company’s first new construction transaction to utilize HUD’s 2016 MAP Guide standards for a lower mortgage insurance premium (MIP) threshold based on green and energy efficiency multifamily housing requirements. The design also satisfies EarthCraft Multifamily Certification, a green standard recognized by HUD. The Choices will feature Energy Star appliances, interior and exterior LED lighting and construction materials made from recycled products.

September 6, 2016

Loans Mixed-Use Southeast Virginia

New York Life Originates $57M Loan for Town Center Project in Virginia Beach

by John Nelson September 1, 2016

VIRGINIA BEACH, VA. — New York Life Real Estate Investors has provided a $57 million loan for Encore Apartments and the 4525 Main Street office building located within the Town Center development in Virginia Beach. The mixed-use property includes 286 apartments units, 212,000 square feet of office space and 26,000 square feet of ground-level retail space. Geoff McVeigh of Berkadia arranged the five-year, fixed-rate loan on behalf of the borrower, Armada Hoffler Properties, a publicly traded REIT and the developer of Town Center.

September 1, 2016

Hospitality Loans Southeast Virginia

SunTrust Provides $25.8M Construction Loan for Marriott Autograph Hotel in Downtown Charlottesville

by John Nelson August 30, 2016

CHARLOTTESVILLE, VA. — SunTrust Bank has provided a $25.8 million construction loan to Carr City Centers for the development of a new hotel located at 1106 W. Main St. in downtown Charlottesville. The new 150-room, boutique hotel is set to be part of the Marriott Autograph Collection. The property will be located next to the University of Virginia’s main campus and adjacent to the University Medical Center. The hotel will feature an upscale restaurant, fitness center, business center and 3,000 square feet of meeting space. The general contractor, Donohoe Construction Co., plans to break ground in the third quarter with a scheduled opening in the fourth quarter of 2017. Donohoe Hospitality Services will manage the hotel’s day-to-day operations on behalf of the ownership, a joint venture between Carr City Centers and Donohoe.

August 30, 2016

Multifamily Southeast Top Stories Virginia

22 Capital Partners Launches 2.5 MSF, $500M Gramercy District Mixed-Use Project Near Washington, D.C.

by Nellie Day August 22, 2016

CHANTILLY, VA. — 22 Capital Partners has announced plans to build the $500 million Gramercy District, a “smart city” mixed-use project in Chantilly, just outside of Washington, D.C. The 2.5-million-square-foot development will include apartments, retail, hotels, offices, outdoor plazas and public spaces. Phase I of Gramercy District will include a 268-unit apartment building, 25,800 square feet of ground-floor retail space and 25,000 square feet of open plaza space for pop-up retail stores. The project will eventually include a 250-room hotel and two office buildings. Trinity Group Construction and the Tishman Construction unit of AECOM will build the project, which DVA Architects will design. Greystar will provide pre-construction consulting and property management services. The four firms join existing development partners, including Bowman Consulting Group, McGuire Woods, Benton Potter & Murdock, Microsoft, the Center for Innovative Technology and the George Washington University. This announcement follows the formation of 22 CityLink, a technology company developing the “smart city” platform that will be used for the development of Gramercy District. — Nellie Day

August 22, 2016

Loans Office Southeast Virginia

Aareal Capital Provides $97M Refinancing of Office Complex in Arlington

by John Nelson August 19, 2016

ARLINGTON, VA. — Aareal Capital Corp. has provided the $97 million refinancing of Sequoia Plaza, a three-building, Class A office complex totaling 369,215 square feet in Arlington. Located at 2100, 2110 and 2120 Washington Blvd., the asset is situated on a 5.8-acre site directly across the Potomac River from Washington, D.C. The property was 83 percent leased at the time of financing to tenants such as Arlington County, which leases more than 75 percent of the space and operates its School Board and Department of Human Services branches from the property. Cary Abod and Robert Carey of HFF arranged the three-year, floating-rate loan through Aareal Capital on behalf of the borrower, Foulger Pratt.

August 19, 2016

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