Virginia

LCOR Closes $100.3M Construction Loan from Wells Fargo for Apartment Development in Metro D.C.

by John Nelson January 12, 2016

ARLINGTON, VA. — LCOR has closed a $100.3 million construction loan from Wells Fargo for The Altaire, a Class A multifamily development in Arlington’s Crystal City district. The two-tower development will feature a 150-unit property and a 300-unit property, with each building featuring floor-to-ceiling glass facades and several balconies. LCOR plans to break ground this month, with delivery slated for the second quarter of 2018. The project team includes general contractor Balfour Beatty, architect SK & I and interior designer Akseizer Design Group. Community amenities at the LEED Gold-certified asset will include a landscaped courtyard, outdoor pool area with fire pits, fitness center, clubroom, sky lounge and two rooftop terraces.

January 12, 2016

Office Southeast Virginia

HFF Arranges $78M Sale of Richmond Tower in Downtown Richmond

by John Nelson January 12, 2016

RICHMOND, VA. — HFF has brokered the $78 million sale of Richmond Tower, a 207,000-square-foot office tower located at 200 S. 10th St. in downtown Richmond. Completed in 2010, the 15-story property was 98 percent leased at the time of sale. Law firm Williams Mullen occupies roughly 82 percent of the office tower, which is situated adjacent to Kanawha Plaza and a few blocks from the Virginia State Capitol. Stephen Conley, Dek Potts, Jim Meisel, Andrew Weir and Matt Nicholson of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction. Adam Vaisman of Butters Construction and Development and Richard Ostrovsky of MEK Management Services Inc. advised the buyer, Kireland South 10th Street LLC. Cary Abod of HFF’s debt placement team arranged $52 million in fixed-rate acquisition on behalf of the buyer.

January 12, 2016

Retail Southeast Virginia

Inland Acquires Whole Foods-Anchored Development in Newport News

by John Nelson January 12, 2016

NEWPORT NEWS, VA. — Inland Real Estate Income Trust Inc. has purchased Marketplace at Tech Center, a newly constructed, 210,000-square-foot power retail center located at 12080 Jefferson Ave. in Newport News. Built in 2015, the shopping center’s tenant roster includes a 39,998-square-foot Whole Foods Market, Steinmart, DSW, Ulta Beauty, Five Below, BJ’s Brewhouse, Mattress Firm, AT&T and Massage Envy.

January 12, 2016

Multifamily Southeast Virginia

Marcus & Millichap Brokers $23M Sale of Apartment Community in Metro Richmond

by John Nelson January 11, 2016

CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.

January 11, 2016

Office Southeast Virginia

RREEF Property Trust Acquires Metro D.C. Office Building for $22M

by John Nelson December 24, 2015

STERLING, VA. — RREEF Property Trust Inc. has purchased Loudoun Gateway I, a Class A, 102,015-square-foot office building in Sterling, for $22 million. This is RREEF Property Trust’s first acquisition in the Washington, D.C., metropolitan area. Loudoun Gateway I is located three miles north of Washington Dulles International Airport at the intersection of Route 28 and Old Ox Road (Route 606). RREEF Property Trust is a publicly traded REIT sponsored and advised by RREEF America LLC, a division of Deutsche Bank.

December 24, 2015

Loans Multifamily Southeast Virginia

New York Life Originates $52M Loan for Apartment Community in Metro Richmond

by John Nelson December 22, 2015

GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.

December 22, 2015

Industrial Southeast Virginia

First Potomac Realty Trust Sells Industrial Park in Metro D.C. for $32.5M

by John Nelson December 22, 2015

LORTON, VA. — First Potomac Realty Trust has sold Newington Business Park Center, a seven-building, 256,000-square-foot industrial development in Lorton, roughly 20 miles south of Washington, D.C. An affiliate of Velsor Properties LLC purchased the industrial park for $32.5 million. The sale is part of First Potomac’s disposition strategy to sell at least $200 million of assets to improve the REIT’s balance sheet. HFF represented First Potomac in the transaction. As of Sept. 30, the industrial park was 83.3 percent leased.

December 22, 2015

Office Southeast Virginia

Columbia Property Trust Sells Office Property in Suburban Virginia for $65M

by John Nelson December 14, 2015

RESTON, VA. — Columbia Property Trust has sold a 244,565-square-foot office property in Reston, a Virginia suburb of Washington, D.C., for $65 million. The Class A office building is located at 1881 Campus Commons. Columbia Property Trust sold the office property to a real estate advisor based in Boston. Columbia Property Trust acquired the office building as part of a portfolio in January 2015 and since has increased the property’s occupancy from 79 percent to 91 percent. Columbia Property Trust, a publicly traded REIT, has a roughly $5 billion portfolio spanning 27 office properties in San Francisco, New York and Washington, D.C.

December 14, 2015

Loans Multifamily Southeast Virginia

Capital One Leads Group Providing $5.1B Freddie Mac Warehousing Facility for Lone Star’s Acquisition of REIT

by John Nelson December 11, 2015

MCLEAN, VA. — Capital One served as a co-lender and the administrative and collateral agent for a $5.1 billion, adjustable-rate Freddie Mac warehousing facility. The borrower, Berkadia Commercial Mortgage, will use the loan to bridge the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Properties Inc., a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated alongside Capital One in the facility.

December 11, 2015

Loans Mixed-Use Southeast Virginia

HFF Arranges $65M Refinancing Loan for Mixed-Use Development in Arlington

by John Nelson December 8, 2015

ARLINGTON, VA. — HFF has arranged $65 million in financing for Tellus, a 254-unit, 16-story mixed-use development in Arlington’s Courthouse neighborhood. Tellus is located at 2009 14th St. N. two blocks from the Courthouse Metro. Completed in 2014, the transit-oriented property offers views of downtown Washington, D.C., and has studio, one- and two-bedroom units averaging 789 square feet each. The LEED Gold-certified property features a rooftop swimming pool, indoor yoga studio, fitness center, business center, oversized courtyard, cyber café, 273-space parking garage and more than 13,300 square feet of street-level retail and office space. At closing, the residential portion of the property was 93 percent occupied. Sue Carras, Walter Coker and Brian Crivella of HFF worked on behalf of the developer, a joint venture between Jefferson Apartment Group and Erkiletian Development Co., to secure the 15-year, fixed-rate loan through TIAA-CREF. Loan proceeds were used to replace construction debt on the property, which is managed by JAG Management Co.

December 8, 2015

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