MCLEAN, VA. AND WASHINGTON, D.C. — McLean-based Freddie Mac and Washington, D.C.-based Fannie Mae have extended their forbearance programs for multifamily borrowers that have been impacted by the COVID-19 pandemic. Under the programs, multifamily landlords whose properties are financed with a Freddie Mac or Fannie Mae loan can defer their loan payments by showing hardship as a consequence of COVID-19, and by gaining lender approval. The extension now runs through March 31, 2021. The programs also require landlords to suspend all evictions for renters during the forbearance period. The two government-sponsored enterprises (GSEs) had announced in June that the programs would expire at the end of 2020. Other tenant protections through the program include: Landlords must provide rent repayment flexibility and cannot require missed or late rents to be paid in one lump sum; Landlords cannot charge late fees or penalties for nonpayments; and Landlords must provide 30 days’ notice for the tenant to vacate during the repayment period. “We are still in the midst of the pandemic, and to continue to provide support for the multifamily market, we are providing additional time for borrowers to request a new or supplemental forbearance agreement,” says Debby Jenkins, executive vice president and head of …
MANASSAS, VA. — Berkadia has arranged a $75 million refinancing loan for Arcadia Run, a 616-unit multifamily community in Manassas. Allianz Real Estate of America provided the 20-year loan, which features a fixed interest rate below 2.5 percent. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and a firepit. The asset is situated at 11775 Boltania Drive, 37 miles southwest of downtown Washington, D.C. Andy Ahlers of Berkadia arranged the loan on behalf of the borrower, California-based Arcadia Run LLC.
HERNDON, VA., AND WASHINGTON, D.C. — JLL Capital Markets has brokered the sale of two office properties owned by WashREIT (NYSE: WRE) in metro Washington, D.C., for a combined $106.5 million. The company sold Monument II, a 200,000-square foot, Class A office building in Herndon, to an affiliate of Westbrook Partners; and 1227 25th St. NW, a 136,540-square-foot office asset in Washington, D.C., to an undisclosed buyer. Completed in 2000, Monument II is an eight-story office building with a five-level parking facility. The property is located at 12950 Worldgate Drive along the Dulles Toll Road near Worldgate Centre and the future Herndon Metrorail station. Few details were released regarding 1227 25th St. NW, which is located within D.C.’s central business district. “These sales further strengthen our balance sheet ahead of the post-vaccine recovery and align with our strategy to reduce our exposure to office assets, allowing us to de-risk our portfolio and improve our ability to create long-term shareholder value,” says Paul McDermott, president and CEO of WashREIT. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller in both transactions. Dan McIntyre and Paul Spellman, also of JLL, assisted the buyer of Monument …
ARLINGTON, VA. — JBG Smith has completed the redevelopment of a 273,000-square-foot office building for Amazon as part of the e-commerce giant’s HQ2 in Arlington’s National Landing district. The Seattle-based company will fully occupy the 14-story building, which is situated at 1770 Crystal Drive. The delivery comes two years after Amazon chose Arlington as the site for its second headquarter location. Bethesda, Md.-based JBG Smith completed the asset two quarters ahead of schedule and under budget. Amazon’s offices at 1770 Crystal Drive are part of the initial 537,000 square feet of existing office space the company agreed to lease from JBG Smith in November 2018. Since then, Amazon has continued to grow its National Landing leased footprint, which now encompasses 857,000 square feet across five JBG Smith-owned buildings. Additionally, Amazon acquired land from JBG Smith to develop 4 million square feet of ground-up office space as part of its overall HQ2 master plan. In January, JBG Smith broke ground on Phase I, which will comprise 2.1 million square feet of office space, one acre of green space and 50,000 square feet of retail space. Phase I is expected to deliver in 2023. Gensler designed the redeveloped 1770 Crystal Drive to …
ANNANDALE, VA. — A partnership between The Donaldson Group, Declaration Partners and DRA Advisors has acquired Fairmont Garden Apartments, a 388-unit property in Annandale, for $84 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a barbecue area, pool and a playground. The asset is located at 4137 Wadsworth Court, 18 miles west of downtown Washington, D.C. The buyers plan to upgrade the HVAC units in each apartment. Jonathan Greenberg of CBRE represented the seller, Capital Investment Advisors, in the transaction. Maxi Leachmann of CBRE originated a Fannie Mae acquisition loan on behalf of the buyers. The loan amount was not disclosed.
RICHMOND, VA. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond. The 428-bed student housing community will be located near the Virginia Commonwealth University campus. The project will offer a mix of studio, one-, two-, three- and four-bedroom units. Communal amenities will include an outdoor terrace, pool, a fitness center and lounge areas. Rabren General Contractors is the general contractor for the project. A timeline for completion was not disclosed.
HAMPTON, VA. — Branch Properties has sold Mercury Plaza, a 98,066-square-foot shopping center in Hampton. Walmart Neighborhood Market and Marshalls anchor the center, which is situated at the intersection of West Mercury Boulevard and Power Plant Parkway, 21 miles north of downtown Norfolk in Virginia’s Hampton Roads region. Branch acquired the property in 2018 for $25 million and invested $2.6 million to build a new inline building next to Marshalls that is occupied by Rack Rooms Shoes and other shop tenants. The Atlanta-based seller also sold four outparcels in 2019 for $9.7 million. Fain Hicks, Margaret Jones, John Owendoff and Lane Breedlove of Cushman & Wakefield represented the seller in the transaction. The buyer and sales price were not disclosed.
RESTON, VA. AND KENSINGTON, MD. — Arcland Property Co. has opened two self-storage facilities totaling 2,414 units. The first property is located at 1808 Michael Faraday Court in Reston. The four-story building is situated 20 miles west of downtown Washington, D.C. The property offers 1,100 climate-controlled and drive-up units. According to property manager Self Storage Plus, rents at the facility range from $31 to $443 per month. The second property is located at 4900 Nicholson Court in Kensington, 12 miles north of downtown D.C. The asset offers 68 drive-up and 1,246 climate-controlled units. Rents at the location range from $28 to $434 per month. Self Storage Plus will manage both properties, marking the Washington, D.C.-based company’s 44th and 45th managed facilities.
HERNDON, VA. — JLL has brokered the sale of Station on Silver, a 400-unit apartment complex in Herndon. The property, which was built in 2017, offers studio, one- and two-bedroom floor plans averaging 850 square feet. Communal amenities include a fitness center, pool, lounge, courtyard, media room, rooftop deck and an outdoor kitchen. The asset is situated at 2340 Carta Way, 26 miles west of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, Woodfield Development, in the transaction. The buyer and sales price were not disclosed.
HARRISONBURG, VA. — Campus Apartments LLC has purchased Aspen Heights Harrisonburg, a 600-bed, cottage-style student housing community located near James Madison University in Harrisonburg. Aspen Heights sold the community for an undisclosed price. The property offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, tanning bed, access to a campus shuttle, movie theater, volleyball court and a pool. CBRE brokered the sale of the property. Campus Apartments intends to rebrand the property and implement a light value-add plan that will entail enhancements to both the clubhouse and exterior amenity areas.