BETHESDA, MD-CrossHarbor Capital Partners LLC helps along a $136-million apartment acquisition and conversion endeavor by funding a $16-million subordinated participation in a $3-million mezzanine loan. The borrower plans to convert the recently developed 453-unit multifamily property, the Gallery at White Flint, into condominiums.
ARLINGTON, VA-Shirlington Gateway, a 207,000-sf office facility in the community of Shirlington, gets snapped up in a recent $40.5-million deal. An affiliate of MGP Real Estate takes the 12-story building, which is currently leased to 98% capacity, as its own.
BALTIMORE-An $8.4 million refinancing package closes for Greens at Forest Park, a 190-unit apartment property formerly known as the Fairfax Gardens Apartments. The loan allows the borrower, an entity of Sawyer Realty Holdings LLC, to take advantage of low interest rates and to secure funds for renovations.
PRINCE WILLIAM COUNTY, VA-The road is now paved for Buchanan Partners' $15 million multi-structure development endeavor with the company's purchase of 11 acres of land at the 1,600-acre Innovation@Prince William business park.
RESTON, VA-Ownership of Campus Commons, a 238,000-sf office complex, changes hands in a recent $40.5-million deal. The Bernstein Cos. adds the two-structure property to its portfolio, taking it off the hands of seller and former occupant USAA, an insurance and financial services provider.
PRINCE GEORGE'S COUNTY, MD-Work gets under way on National Harbor, a mixed-use project on 220 acres fronting the Potomac. With seven million sf of office, retail, entertainment, hotel and conference space, it is the largest development endeavor ever undertaken in Prince George's County.
BETHESDA, MD-The Montgomery County Planning Board gives the thumbs up to a preliminary plan for the development of North Bethesda Town Center, a 2.8-million-sf mixed-use project at the White Flint Metro station. A groundbreaking is expected to take place late next year.
BETHESDA, MD-Industrial and flex property REIT First Potomac Realty Trust replaces an existing $50-million credit facility with a $75-million credit facility which has a scheduled maturation date two years from now.
PORTSMOUTH, VA-Victory Crossing Shopping Center hits the market with Marcus & Millichap Real Estate Investment Brokerage Co. as the brokerage firm for the disposition of the nearly 73,000-sf retail center. The property was developed just two years ago.
BELTSVILLE, MD-Swales Aerospace takes a gander at other office options in Prince George's County and decides to stay put at its longtime home in Paulen Industrial Center by renewing its lease on 200,000 sf and increasing its occupancy by an additional 100,000 sf.