Virginia

Berkadia Brokers $14.6M Sale of Section 8 Community in Hampton Roads Area

by John Nelson September 8, 2015

HAMPTON, VA. — Berkadia has brokered the $14.6 million sale of Langley Square I & II, a Section 8 multifamily property located at 100-130 Doolittle Road in Hampton. Built in 1973, the 254-unit community features one- to three-bedroom units and a swimming pool, baby pool, playground, laundry facilities and on-site parking. The property was 99 percent occupied at the time of sale. The buyer, Langley Apartments LLC, is an established local multifamily operator and plans to renovate the property. The seller was Bethesda, Md.-based Mercury II and III Associates. Alan Meetze and David Hudgins of Berkadia’s Newport News, Va., office brokered the transaction.

September 8, 2015

Loans Multifamily Southeast Virginia

Capital One Closes $14.5M Refinancing of Apartment Community in Metro D.C.

by John Nelson September 8, 2015

ARLINGTON, VA. — Capital One has provided a $14.5 million Fannie Mae loan to refinance Fields of Arlington, a 199-unit, mid-rise affordable housing community in Arlington, a Northern Virginia suburb of Washington, D.C. The apartment community features a clubhouse, barbecue grills and picnic areas and an outdoor swimming pool. The property is almost wholly dedicated to affordable housing, with 79.9 percent of units reserved for tenants whose income is 60 percent or less of the area median income (AMI) and 15.1 percent reserved for tenants whose income is 50 percent or less of AMI. Only 5 percent of the apartments are unrestricted. Sadhvi Subramanian and Michael Antonelli of Capital One Multifamily Finance originated the loan on behalf of the borrower, Kettler, the largest developer of affordable multifamily housing in the area.

September 8, 2015

Office Southeast Virginia

Department of Homeland Security Renews 120,435 SF Lease in Metro D.C.

by John Nelson August 28, 2015

ARLINGTON, VA. — The U.S. General Services Administration, on behalf of the Department of Homeland Security’s National Protection and Programs Directorate division, has renewed a 120,435-square-foot lease at Two Ballston Plaza in Arlington. The 234,000-square-foot, Class A office building is located at 1110 N. Glebe Road. Colliers International’s government solutions team represented the landlord, Brookfield Property Partners, in the lease renewal.

August 28, 2015

Loans Multifamily Southeast Virginia

NorthMarq Arranges $10M Refinancing of Richmond Apartment Community

by John Nelson August 14, 2015

RICHMOND, VA. — NorthMarq Capital has arranged a $10 million refinancing for Old Bridge Apartments, a 222-unit multifamily property located at 2835 Hilliard Road in Richmond. Robert Bhat of NorthMarq’s Miami office arranged the fully amortizing, 20-year loan through an unnamed life insurance company. The loan was structured with a fixed interest rate in the high 3 percent range, according to Bhat.

August 14, 2015

Marymount University Ballston Center Campus

Loans Mixed-Use Southeast Virginia

HFF Arranges $62.5M Construction Loan for Mixed-Use Tower in Metro D.C.

by John Nelson August 6, 2015

ARLINGTON, VA. — HFF has arranged $62.5 million in financing for the development of the leasehold interest in 1008 North Glebe, a planned 15-story, 267-unit apartment and retail tower in Arlington, a northern Virginia suburb of Washington, D.C. The Shooshan Co. will develop the Class A property on Marymount University’s Ballston Center Campus, located at the intersection of North Glebe Road, North Fairfax Drive and I-66 in the Rosslyn-Ballston Corridor. Adjacent to the new project will be a 165,000-square-foot classroom/office building owned by Marymount University. The combined project is slated for a spring 2017 completion. Sue Carras, Walter Coker and Brian Crivella led HFF’s debt placement team to arrange the construction loan through SunTrust Bank.

August 6, 2015

Multifamily Seniors Housing Southeast Virginia

SLIB Arranges $28.5M Sale of Skilled Nursing Facility in Virginia

by John Nelson August 6, 2015

MARTINSVILLE, VA. — Senior Living Investment Brokerage (SLIB) has arranged the $28.5 million sale of Blue Ridge Nursing & Rehabilitation Center, a 300-bed skilled nursing facility in Martinsville. The adjacent assisted living community is also included in the transaction, but is awaiting approval for the assumption of the existing HUD-insured debt. The affiliated operator of the seller, Sovran Management, will continue to manage the communities through a long-term lease with the new owner, which was not identified. Bradley Clousing and Patrick Burke of SLIB handled the transaction.

August 6, 2015

Multifamily Southeast Virginia

Franklin Johnston Breaks Ground on $44M Apartment Community in Virginia Beach

by John Nelson August 5, 2015

VIRGINIA BEACH, VA. — Franklin Johnston Group has broken ground on Southern Pine Apartments, a $44 million, 240-unit luxury apartment community in Virginia Beach’s Princess Anne area. Upon completion, the property will feature a multi-story clubhouse with a fitness center, bowling alley and pool deck with grilling stations. Other amenities will include a resort-style swimming pool, walking trails and a dog park. The first units will begin leasing next spring, and occupancy will begin in late summer. Rents start at $1,100 per month.

August 5, 2015

Industrial Southeast Virginia

Equus to Build 330,000 SF Spec Warehouse in Northwest Virginia

by John Nelson August 5, 2015

WINCHESTER, VA. — Equus Capital Partners plans to build a 330,000-square-foot spec industrial warehouse and distribution center within Stonewall Industrial Park in Winchester, a town located along I-81 roughly 75 miles west of Washington, D.C. Equus plans to break ground in August. The facility will sit on a 52-acre site, which can accommodate a second building up to 500,000 square feet. Upon completion in March 2016, the facility will feature 32-foot clear heights, T5 lighting, concrete floors, 50- by 50-foot column spacing, an ESFR sprinkler system and a 180-foot truck court. The property will be in close proximity to established industrial employers such as OHL (Red Bull), Rite Aid, Home Depot, Kraft Foods, McKesson and TREX. BPG Development Co. LP, the development arm of Equus, will oversee development and construction of the spec project. John Lesinski of Colliers International will oversee the property’s leasing and marketing efforts.

August 5, 2015

Hospitality Southeast Virginia

Hunter Hotel Advisors Brokers $11M Sale of Richmond Homewood Suites

by John Nelson July 30, 2015

RICHMOND, VA. — Hunter Hotel Advisors has brokered the $11 million sale of Homewood Suites Richmond West End, a 123-room hotel in Richmond. A global private equity firm sold the four-story hotel to a Virginia-based hotel company. Teague Hunter and Trey Scott of Hunter Hotel Advisors brokered the transaction.

July 30, 2015

Office Southeast Virginia

Rubenstein, Griffith Purchase Office Building in Northern Virginia for $27.8M

by John Nelson July 29, 2015

TYSONS CORNER, VA. — A joint venture between Rubenstein Partners LP and Griffith Properties has purchased The Rappahannock Building, a six-story, Class A office building located at 1550 Westbranch Drive in Tysons Corner. The joint venture purchased the 152,000-square-foot office building from Corporate Office Properties Trust for $27.8 million. Built in 2001, the property has been fully leased to The MITRE Corp. since it was built, but the company plans to move to another office campus in Tysons Corner in 2016. Once vacated, Rubenstein and Griffith plan to renovate the office building to attract new tenants. Malcolm Schweiker of CBRE represented the joint venture in the transaction. Schweiker will also handle leasing the office building.

July 29, 2015

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