NEWS & NOTABLES
WASHINGTON, DC–The CREW National Capital Committee, which consists of CREW DC, CREW Northern Virginia and CREW Suburban MD, have launched Connecting Future Leaders, a mentorship program. Created by CREW NoVA several years ago, the program offers leadership training, during which participants will receive one-on-one coaching, professional evaluations and access to executive/C-Suite women in commercial real estate.
DEAL TRACKER
BETHESDA, MD–Capital One has provided a $77.7 million loan to Pacifica Cos. to refinance a portfolio of nine senior housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding and an earn-out as specific conditions are met. Pacifica Cos.' total portfolio is valued at approximately $3 billion. This is the second transaction that Capital One has closed with Pacifica.
TYSONS, VA–Park Hotels is locating its corporate headquarters in 1775 Tysons Blvd. It will occupy 31,000 square feet in Lerner Enterprise's newest landmark office tower in Tysons II. Lerner was represented by Brian F. Tucker and John B. Dragelin of JLL.
WASHINGTON, DC–Washington REIT has leased a full floor of 13,000 square feet at the Army Navy Building to a national nonprofit organization. The 109,000-square foot building is now 71% leased. Washington REIT is in the process of completing a $4 million renovation that has created a VIP tenant amenity in previously under-utilized space. Washington REIT acquired the asset in 2014.
WILMINGTON, DE–1303 Delaware Apartment Homes, a 231-unit, high-rise multi-housing property in the Trolley Square neighborhood here has traded. HFF marketed the asset on behalf of the seller, Merion Realty Partners. Capano Residential purchased the offering free and clear of debt. Additionally, HFF worked on behalf of the new owner to secure a fixed-rate Fannie Mae acquisition loan.
The HFF investment sales team representing the seller was led by Mark Thomson, Carl Fiebig and Francis Coyne. HFF's debt placement team was led by managing director James Conley. The sellers recently renovated 84 of the 231 units and invested more than $2 million in building systems improvements, according to Thomson. “The capital spent on building improvements provides the new buyer a great opportunity to focus on updating the remaining 141 unrenovated units, which still have original kitchens and bathrooms.”
NEWS & NOTABLES
WASHINGTON, DC–The CREW National Capital Committee, which consists of CREW DC, CREW Northern
DEAL TRACKER
BETHESDA, MD–Capital One has provided a $77.7 million loan to Pacifica Cos. to refinance a portfolio of nine senior housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding and an earn-out as specific conditions are met. Pacifica Cos.' total portfolio is valued at approximately $3 billion. This is the second transaction that
TYSONS, VA–Park Hotels is locating its corporate headquarters in 1775 Tysons Blvd. It will occupy 31,000 square feet in Lerner Enterprise's newest landmark office tower in Tysons II. Lerner was represented by Brian F. Tucker and John B. Dragelin of JLL.
WASHINGTON, DC–Washington REIT has leased a full floor of 13,000 square feet at the Army Navy Building to a national nonprofit organization. The 109,000-square foot building is now 71% leased. Washington REIT is in the process of completing a $4 million renovation that has created a VIP tenant amenity in previously under-utilized space. Washington REIT acquired the asset in 2014.
WILMINGTON, DE–1303 Delaware Apartment Homes, a 231-unit, high-rise multi-housing property in the Trolley Square neighborhood here has traded. HFF marketed the asset on behalf of the seller, Merion Realty Partners. Capano Residential purchased the offering free and clear of debt. Additionally, HFF worked on behalf of the new owner to secure a fixed-rate
The HFF investment sales team representing the seller was led by Mark Thomson, Carl Fiebig and Francis Coyne. HFF's debt placement team was led by managing director James Conley. The sellers recently renovated 84 of the 231 units and invested more than $2 million in building systems improvements, according to Thomson. “The capital spent on building improvements provides the new buyer a great opportunity to focus on updating the remaining 141 unrenovated units, which still have original kitchens and bathrooms.”
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
