NORFOLK, VA-Park Crescent Apartments, the 288-unit luxury residential complex built here in 1995, commands $15 million in permanent financing for owner Park Crescent Associates, a limited partnership. Real estate investment banking firm John B. Levy & Co. is behind the 10-year term mortgage.
MANASSAS PARK, VA-Construction of Manassas Park Apartments--a $38 million, 350-unit multi-family project by Fairfield Residential--gets underway, and gets an extra boost in the process with a $7.6 million equity investment from the Tuckerman Group.
WILMINGTON, DE-Leasing activity for the HRPT Properties Trust-owned office buildings at 802 Delaware Ave. and 1001 Jefferson St. is now handled exclusively by Smith Mack & Co./Oncor International. Smith Mack follows Grubb & Ellis and Insignia as the properties' leasing agency.
HANOVER, MD-The largest office/industrial portfolio in the Washington-Baltimore area finds a new owner as SSR Realty disposes of the 1.1 million-sf Parkway Business Center and Brandon Woods Business Park for $53.2 million. The portfolio accounts for 13 structures, and is 95% leased.
WASHINGTON, DC-The Coalition to Insure Against Terrorism is taking a new road in its plea to pass terrorism insurance legislation. The organization is placing ads in Congress-targeted publications to get across their message.
WASHINGTON, DC-Law firm Chasen & Chasen renews the lease on its 3,815-sf space at 5225 Wisconsin Ave. for eight more years. It has been 14 years since the firm first moved into the 95,000-sf building, where rents range from $29.50 to $31.50 per sf.
ROCKVILLE, MD-Fallsgrove Village Center opens its 150,000-sf shopping center and 75,000-sf office building this week. A Lerner Enterprises-developed project, the village is part of a master plan that encompasses retail, office and residential space.
RESTON, VA-Plaza America's Tower III and Tower IV get new tenants as Soho Cafi and Subway sandwich shop commit to space totaling more than 13,000 sf in the mixed-use $225 million development. Both are due to open new versions of their eateries next year.
BALTIMORE, MD-Manekin oversees the completion of the $3-million renovation to 36 South Charles St., and secures a 10-year lease renewal on 24,000 sf from longtime tenant law firm Shapiro Sher Guinot & Sandler. Space in the building goes for $21 to $30 per sf.
BALTIMORE, MD-The Chicago Title Insurance Co. Building at 19 East Fayette St. gets a new owner, as a Time Equities Co. affiliate acquires the 47,000-sf property from 242nd Burnside Partners Ltd. The 55-year-old one-time bank building has a 2003 assessed value of about $1.5 million.