NEWARK, DE–HALL Structured Finance has closed a $14.7 million construction loan to finance the development of a 114-room SpringHill Suites by Marriott. It will be the first SpringHill Suites in Delaware. The project owner is George Danneman and Danneman Hospitality.

KENSINGTON, MD–Pillar, recently acquired by SunTrust Bank, secured a $2.39 million loan to refinance Plyers Apartment, a 24-unit workforce housing complex here built in 1964. Pillar VP Cullen O'Grady secured a Freddie Mac Small Balance Loan with a fixed rate of 10 years on a 30-year amortization schedule and three years of interest-only payments for the owner, a local investor.

DEAL TRACKER

ANNAPOLIS–The Village Greens of Annapolis, a 44,617-square-foot boutique retail center, located on Cherry Grove Avenue, has sold for $15.6 million, or $350 per square foot. Andy Stape and Vito Lupo of the KLNB Retail Investment Sales Group represented the seller of the property, Basin Investments. The buyer was Village Greens SC, LLC. The property is fully leased by 13 national, regional and local tenants.

NORFOLK, VA–HC Government Realty Trust has entered into a definitive agreement to acquire the three-story, 53,917-square foot Social Security Administration building located at 5850 Lake Herbert Dr., for $14.5 million. The seller is USAA Real Estate Co. The property is fully leased to the US government through June of 2027. HC Government is building up its portfolio of single-tenant, US General Services Administration-leased commercial properties. It is currently negotiating other property purchases as well, says CEO Edwin M. Stanton. “This asset class is ripe with opportunities and we intend to pursue this strategy to build our portfolio and generate value for tenants, partners and key stakeholders,” he said in a prepared statement.

SILVER SPRING, MD–Construction is about to begin on Solaire 8250 Georgia Ave. The Bethesda, MD-based Washington Property Co. plans to break ground shortly on the luxury apartment community, located two blocks from the Silver Spring Metro station. It will be WPC's fourth Solaire-branded apartment community and its second in Silver Spring's Ripley District. When the 20-story Solaire 8250 Georgia Avenue delivers in spring of 2019, WPC's four communities will total over 1,000 units.

NEWARK, DE–HALL Structured Finance has closed a $14.7 million construction loan to finance the development of a 114-room SpringHill Suites by Marriott. It will be the first SpringHill Suites in Delaware. The project owner is George Danneman and Danneman Hospitality.

KENSINGTON, MD–Pillar, recently acquired by SunTrust Bank, secured a $2.39 million loan to refinance Plyers Apartment, a 24-unit workforce housing complex here built in 1964. Pillar VP Cullen O'Grady secured a Freddie Mac Small Balance Loan with a fixed rate of 10 years on a 30-year amortization schedule and three years of interest-only payments for the owner, a local investor.