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July 14, 2010
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SENIOR SIZZLE (Cont'd)
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| Be there or be square; or you can be both if you like. But join us tomorrow morning at our First Annual Bisnow Senior Housing Summit, and please note the new location: the Renaissance Hotel at M and New Hampshire. All-star cast. Sign up now! |
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| Congrats to the Jair Lynch Cos., which just closed on purchasing a 171-unit seniors housing project, Campbell Heights, at the corner of U and 15th, in partnership with both the tenants (under the DC Tenant Opportunity to Purchase Act) and MacFarlane Partners. We especially commend their timing, as we continue to plug our Seniors Housing Summit. |
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| This morning in their office at 1508 U Street (kitty-corner from the project), we snapped much of the Jair Lynch team that handled it: Phuc Tran, Chris Woods, Tanesha Bailey, Mark Taylor, Jair Lynch, and Tony Startt. (Out of the picture, because someone's got to do the work: Andrew Spencer and Teresa Henderson.) Burke & Herbert supplied debt financing, Cassidy Turley was broker, Saul Ewing did legal, Kettler will be property manager. You can hear more about seniors living real estate trends and opportunities tomorrow morning at our Bisnow Seniors Housing Summit at the M and New Hampshire Renaissance. Last chance to sign up! |
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| With a $120M equity fund to draw on, Jair has more than a dozen projects underway, either for clients or the firm's account, valued in excess of $250M. They’re looking for urban infill in all parts of the region, including multifamily up to 250 units, mixed-use, and commercial space up to 250k SF in the categories of value-add, opportunistic, and new development. Hats off also for topping out at Georgia Commons (130 units of affordable housing with a 28k SF healthcare clinic), one of the few development projects that broke ground last year and the only new construction bond transaction financed by DC HFA in 2009, set to deliver in Q1 ’11. By the way, Jair is looking to hire a new biz dev and marketing person. |
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| Also on hand at our Seniors Housing Summit tomorrow: American Seniors Housing Association president David Schless, whose developer, investor, and lender members count on him to bring their interests together and provide federal advocacy, seniors housing research, and networking. “We’re very focused on trying to improve the capital market markets for seniors housing and have a lot of interest in pending reform of Fannie Mae and Freddie Mac.” We know we said last chance to sign up for our Summit in the first caption, but this is your REALLY last chance here! |
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| DAILY DOUBLE |
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| This morning we went over to Trammell Crow’s 413k SF Sentinel I in NoMa because in the last few days they’ve closed not one but two nice new leases: US Customs and Border Protection is taking 85k feet for 10 years (floors 2-5 of the 12-story building) for move-in Q1; and the US Parole Commission will move from Bethesda for a 10-year, 36k SF lease in Q2. Trammell developed this first of four phases (scheduled to reach 1.3 M SF eventually) via a JV with Crow Holdings and Cottonwood Partners. Congrats for the first deal to tenant reps Henry Chapman and Donna Gravely of CB and Kevin Terry and Marcia Parkes of GSA; and for the second deal to Studley’s Neil Levy and Julie Rayfield and GSA’s Joel Berelson and Sean McNeal. And, of course, on the landlord side in both cases to our friend Tom Finan of Trammel. |
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| Bigger Scope |
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| Congrats to InScope founder Mike Bruce, left, a leading tech entrepreneur we’ve known since the '90s, for Saturday’s ribbon cutting opening his firm’s new HQ at Brookfield’s Two Reston Crescent, here showing around Rep. Jim Moran. And to ace broker Cathy Jones of UGL Equis who led the property search and tenant negotiations. The facility has super-cool art and green energy systems, an innovation center and top security area. InScope’s growth story is a reason it’s been named to Black Enterprise’s list of 100 largest minority-owned companies in America. |
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| JLL RETAIL |
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| Our Atlanta reporter snapped this yesterday of JLL Retail president Greg Maloney (based in Buckhead) and talked with him about this week’s announcement that JLL is taking over General Growth’s third-party management business, which operates 18 US malls that General Growth doesn’t own. Greg told us that JLL will be looking for more such deals. |
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| What particularly interested us is that the Georgetown Park here is one of the 18 malls where JLL took over management this week. As part of the deal, 230 General Growth employees are now JLL employees. Basically, Greg explains, General Growth and Jones Lang formed a strategic partnership. The idea, Greg says, is that eventually JLL will handle a lot of General Growth’s “real estate needs that are outside of its day-to-day business.” General Growth is expected to exit bankruptcy in the fall. |
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| Hail to the BOMA Chief |
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| And our Dallas-based reporter, Tonie Auer, snapped this yesterday of Stream Realty Partners COO Ray Mackey, center (with colleagues at his Dallas brokerage), who’s come long way from 1984 when his boss told him he was green and needed some guidance and suggested joining BOMA. Last week Ray took over as chairman of BOMA International, which represents 92 local associations throughout the US and13 international affiliates. |
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. Copyright 2010, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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