RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.
FREDERICKSBURG, VA. — ARA Newmark has arranged the $100.5 million sale of two Class B apartment communities in Fredericksburg: the 200-unit Madison Falls Run and the 476-unit Madison England Run. Centrally located between Richmond, Va., and Washington, D.C., the properties were acquired by Newport News, Va.-based Chandler Management. Drew White, Mike Marshall and Jim Pope of ARA Newmark represented the seller, Philadelphia-based Equus Capital Partners, in the transaction. Constructed in 1989, Madison Falls Run includes a mix of one- and two-bedroom floor plans. Madison England Run, built in three phases in 1991, 1999 and 2001, features a mix of one-, two- and three-bedroom units. Together, the portfolio features amenities including a swimming pool, fitness center, tennis courts and sundecks. Both properties were 95 percent occupied at the time of sale.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $7.4 million sale of Windsor VI, a 51,800-square-foot, Class A industrial property located within the Windsor Business Park in Richmond. Constructed in 2004, the property is fully leased on a long-term basis to Williamson Drug, a CVS Health Corp. subsidiary. Los Angeles-based Rich Uncles acquired the asset from the seller, an affiliate of Bethesda-based Fernau LeBlanc Investment Partners. Eric Robison of Cushman & Wakefield | Thalhimer completed the transaction.
TYSONS, VA. — Hogan Lovells, an international law firm, will relocate its Northern Virginia office to Boro Tower, a new 20-story office tower under construction at The Boro, a planned 15-acre mixed-use development in Tysons. The first phase of The Boro will deliver 700 residential units, 260,000 square feet of retail space and Boro Tower. The Meridian Group and Rockefeller group are codeveloping the project, with the first phase slated for completion in 2019. Rob Faktorow and Terry Reiley of CBRE represented The Meridian Group in the lease transaction, and Rick Rome and Alexandra deVilliers of Savills Studley represented Hogan Lovells. The law firm will relocate from Park Place II in McLean, Va., and will occupy 44,500 square feet of office space at the new building beginning in June 2019. TEGNA, a digital media company, will lease approximately 46,000 square feet at Boro Tower as well.
RESTON, VA. — Capital One has provided a $34.5 million loan for the refinancing of Springs at Reston, a 362-unit apartment community in Reston, approximately 23 miles west of Washington, D.C. Joel Willard and Michael Antonelli of Capital One secured the fixed-rate loan with 10 years of interest-only payments through Fannie Mae on behalf of the borrower, Lerner Enterprises. Constructed in 1972, Springs at Reston includes 27 three- and four-story garden-style apartment buildings and features a playground, picnic area and laundry facilities. All units are affordable for those making 80 percent or less of the area median income.
GLEN ALLEN, VA. — The Peterson Cos. has opened the first Publix in Virginia at Nuckols Place, a shopping center located at Nuckols Road and Twin Hickory Drive in Glen Allen, about 13 miles north of Richmond. Connie Jordan Nielsen and Alicia Farrell of Cushman & Wakefield | Thalhimer represented Peterson Cos. in the lease negotiations. In addition to Publix, Chipotle, Hair Cuttery, Lee Nails and PetValu joined the shopping center. Zaxby’s, Sedona Taphouse, MOD Pizza, GNC and Dynamic Dental will open their shops at Nuckols Place in the fall.
NORFOLK, VA. — Simon has opened the 332,000-square-foot Norfolk Premium Outlets, bringing retailers including Banana Republic Factory, Calvin Klein, Nike Factory Store, Old Navy and Steve Madden to the Norfolk, Chesapeake and Virginia Beach areas. Located at 1600 Premium Outlets Blvd. on Interstate 64, the village-style outlet mall features covered walkways, courtyards, a fountain, fireplace, public artwork, children’s play area, indoor and outdoor dining options and a 1.3-mile walking trail surrounding Lake Wright.
MCLEAN, VA. — PCCP LLC has provided a $39.4 million senior loan to Westport Capital Partners LLC for the acquisition and renovation of 2000 Corporate Ridge, a 10-story, 288,000-square-foot office building in the Tysons Corner market of McLean, roughly 10 miles west of Washington, D.C. Westport plans to invest approximately $10 million in renovations, which will include modernizing the lobby, atrium, elevators and bathrooms, as well as adding spec suites. Constructed in 1985, 2000 Corporate Ridge includes a four-story parking garage with 915 spaces. Acquired out of receivership, the property was 4 percent occupied at the time of sale.
RICHMOND, VA. — Phillips Realty Capital has secured $36.5 million in permanent financing for the Altria Building at Reynolds Crossing located at 6603 W. Broad St. in Richmond. Phillps Realty Capital’s Charles DuBose arranged the financing on behalf of the borrower, Reynolds Development. The 222,057-square-foot, Class B office building was built in 1968 and renovated in 2007. The Altria Building is fully leased to a single credit tenant, Philip Morris USA, which is headquartered at the property.
TYSONS, VA. — Lerner Enterprises has received $200 million in permanent financing for 1775 Tysons Boulevard, a 17-story office tower located in Tysons, Virginia. The developer, Lerner, delivered the property in late 2016. The 476,000-square-foot office tower is LEED Platinum certified, and features a state-of-the-art fitness center, conference center, café, indoor and outdoor social areas, and an onsite Fogo de Chão restaurant. Tenants at the property include EY, DXC Technology and WeWork. JLL is handling leasing at the tower. KPF designed the project. Towers Golde was landscape architect, Dewberry handled engineering and Paladino was LEED consultant. The office complex is the newest building in the Tysons II master plan, which features office, retail, dining, hotel and residential space. The 117-acre development is home to Tysons Galleria, an 800,000-square-foot luxury retail center, and a Ritz-Carlton. TH Real Estate — the real estate investment management arm of TIAA — provided the capital for the financing, which John Sieber Jr. of Phillips Realty Capital structured. Rockville, Md.-based Lerner Enterprises is one of the largest development and management companies in metro Washington, D.C. The company’s portfolio includes Dulles Town Center, a 1.4 million-square-foot regional mall in Loudoun County, Va., and Washington Square, a 1 …
