WASHINGTON, DC-Commercial and multifamily mortgage debt originations grow past $2.4 trillion in the second quarter, showing a $72.5 billion increase from the first quarter of the year. Commercial banks remain the largest holder of the outstanding mortgages.
LANDOVER, MD-A mixed-use project centering on a hospital is in the works on a 110-acre parcel that was once home to the Landover Mall. The development would feature the new campus of Prince George's Hospital, as well as a hotel and office and retail space.
WASHINGTON, DC-The heads of the US Department of Homeland Security and Department of Housing and Urban Development reveal a multifaceted transitional housing plan that will allow victims of Hurricane Katrina to relocate from shelters to rental housing. While the National Low Income Housing Coalition applauds the effort, the organization questions the means of facilitating the plan.
HERNDON, VA-The NEC America Building comes under new ownership, courtesy of a $23.8 million transaction. Developed in 1987, the 102,000-sf office building is headquarters to high-technology firm NEC and sits on a 13-acre parcel at the 400-acre Renaissance Business Park.
HERNDON, VA-Plans are put in place for Ashford Hospitality Trust inc. to acquire the 316-room Hyatt Dulles from a Colony Capital affiliate for $72.5 million. The 16-year-old hotel, which just underwent a $5 million renovation, will continue to operate under the Hyatt flag.
GAITHERSBURG, MD-Acting on behalf of an affiliate, GMAC Institutional Advisors and Fountain Square Properties ink a deal to buy Lakefront at Washingtonian, a 103,800-sf office and retail building. It is currently being developed within the Washingtonian Center mixed-use, master-planned community.
WASHINGTON, DC-Potomac Center South, the 428,000-sf office building at 550 12th St. SW, sells for $187 million. The class A facility, which adjoins sister structure Potomac Center North, was completely redeveloped from a 37-year-old structure in 2002 at a cost of $70 million.
JESSUP, MD-Ownership of a three-structure flex property along Preston Court changes hands. Developed 16 years ago, the class B and C buildings of the 180,000-sf portfolio have occupancy rates ranging from 29% to 100%.
LANDOVER, MD-Scheer Partners takes on leasing responsibilities for Advance Realty Group's 600,000-sf multi-structure portfolio at the Metro East Business Park. The real estate services firm is marketing space in nine buildings, one of which is fully vacant.