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January 13, 2009  

Big shoutout to sponsor Grunley Construction, which is everywhere these days, renovating Liberty Park in Tysons, modernizing the Dept of Interior and Eisenhower Exec Office Bldg, demolishing 200k SF inside the State Dept HQ, and replacing a facade on Lee Highway in Merrifield (see story below).


One week 'til Inauguration. Distant relatives are crashing on your couch. Roads are closed. And revenues are flat (if you're lucky) despite economic stimulus. Can someone please give us good news?


Green Park Financial chief production officer Ted Patch tells us the Bethesda-based multifamily lender just closed on $1.2B in production volume for 2008, and amazingly they have Fannie and Freddie to thank. Despite the GSEs' move into government conservatorship last year, they've remained the main source of finance for multifamily lending. Ted says GSE financing is not as good a deal as it once was—spreads have gone up 50 to 150 basis points, and DC has seen a 25 to 50 basis point drop in cap rates for apartment buildings in recent months. Still, a hypothetical DC property could receive financing in the low 6% range thanks to GSE support, and terms aren't necessarily onerous—Green Park is still lending at 80% LTV with a minimum 125 debt coverage ratio.  



Washington Property founder Charlie Nulsen tells us they've just signed 52K SF of new leases at Golden Triangle Complex in Greenbelt, including 30K to Maryland-National Capital Park & Planning Commission. Charlie thinks the buildings will be 100% filled by this summer, keeping their portfolio in the 95% occupancy range. Thankfully he's making time for charity, here holding "save the date" cards for the Feb 28 Monte Carlo night he co-sponsors every year for Children's Hospital with Josh Bernstein of Bernstein Management and JBG partner Rob Stewart.  


WashProp is also finalizing permits for 1050 Ripley Street, above, a 306K SF, $90M, 316-unit high-rise in Silver Spring, due January 2010. And this April it expects to deliver a 200K SF office building on 270, called Summit of Washington. Okay, no pre-leases yet for the $60M LEED-Gold, but Charlie say 270's a good place to be.


We took this photo yesterday (you can tell because those workers in the back must've stopped pouring concrete to talk about Kate Winslet's two Golden Globes) at the site of a PNC Bank rehab at 8315 Lee Highway in Merrifield. Workers are preparing to pour concrete for a new four-story glass cube atrium. Grunley is also replacing the exterior fa?ade as well as the bank's drive-thru canopy. Pictured: Supe Andy Verrone, who's ensuring the building remains fully occupied during construction and delivers August '09.


No "men at work" necessary in this photo because Grunley recently completed renovations to FDA Building One at the White Oak Federal Center, and secured LEED-Gold for Existing Buildings. It built a new main entrance to the campus and performed extensive site work. Inside, Grunley constructed a security screening pavilion, atrium, and pedestrian walkway, besides office space.

For our Baltimore-area readers:

Reznick Group is holding a seminar this Thursday morning on new legislation and rules affecting tax and estate planning, and how to finance your business during a credit crunch. 500 East Pratt, 7:30-9:30AM. Complimentary, but you must register: diana.mceachern@reznickgroup.com.

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