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September 25, 2008
 
       
 
The Deal Sheet
(our more serious side)

ING Clarion


Development

A team headed by Donohoe Cos. has been tapped by the District to build a 475,000 SF project in Mount Vernon Triangle. Other team members include Holland Development Group, Harris Development and Spectrum Management. ME by Melia, a luxury Spanish flag will anchor the project with a 206-key hotel. Other tenants at a city-owned site at Fifth and Eye streets will be London-based Boisdale Jazz Club, a 166-unit apartment building, the Zenith Art gallery, a bike shop, a hardware store, book store and café. Called Arts at 5th I, the project has slotted 50 units of the 166-unit apartment building as affordable.

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Construction is about to begin on a $73 million, 217-luxury unit apartment building in Shirlington. Trammell Crow Residential is developing Alexan 24 with Prudential Real Estate Investors. Bank of America is providing $70 million in construction financing for the redevelopment of the former Econolodge, located at the intersection of Glebe Road and I-395. The five-story building is expected to deliver in Q3 2010. Twenty of the units will be designed as affordable housing.

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WPC has topped out phase 1 of its Summit at Washingtonian Center, a 200,000 SF, class A office building on the I-270 corridor. It is the first of two buildings planned for the 7.6-acre site, scheduled for delivery early next year. Designed by Wisnewski Blair & Associates, the Summit is located at the intersection of I-270 and Shady Grove Road in North Rockville.

Leases

Seyfarth Shaw is subleasing 76,789 SF at Akridge’s Carroll Square, a 165,000 SF building at 975 F. CBRE’s Pat Marr, Sally Wilson, Chau Leung and Todd Lippman represented Seyfarth Shaw in the transaction.

ING

 

Financing

Bank of New York Mellon, Bank of Ireland, Wachovia, PB Capital and the New York branch of Landesbank Baden-Wurttemberg are providing $250 million in non recourse construction financing to Forest City for phase I of its Waterfront Project in southwest. A 13-acre redevelopment project jointly owned by Forest City Washington, Vornado/Charles Smith and Bresler & Reiner, Waterfront Project will ultimately deliver 1.2 million SF of office space, 1,100 residential units and at least 110,000 SF of retail. Phase 1 of the project – two office buildings totaling 628,000 SF – is already preleased, with the District government slotted to occupy the office component and Safeway and CVS to occupy the retail portion.

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Gladstone Commercial in McLean, a publicly traded REIT that invests in triple-net leased industrial and commercial, has closed on a $48 million non-recourse mortgage loan with GE Commercial Mortgage Financial Corp. Collaterized with 15 of the company's properties, the term of the loan is 24 months with three annual extension options through September 2013. Interest is 6.85%. The proceeds will be used to pay down Gladstone’s line of credit and expand its portfolio.

Briefly

Cassidy & Pinkard Colliers is expanding its sector expertise with a stake in the Atlanta-based Hotel Assets Group. The new partnership gives Cassidy & Pinkard Colliers greater exposure to the select-service hotel sector. Hotel AG has 14 offices outside of its Atlanta headquarters and it focuses on upscale mid-market assets.

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Arent Fox has bolstered its real estate division with four new hires, all of which held similar positions at their former firm Nixon Peabody: Edward Rogers and Debra D. Yogodzinski are joining as partners; Ellen M. McCarthy is the firm’s new director of planning and land use at Arent Fox; and ElChino M. Martin will serve as counsel to the firm's real estate group. The Rogers-Yogodzinski-McCarthy-Martin team had their hand in several high-profile real estate and construction projects in DC over the years, including Waterfront Station and the Newseum.

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Reznick Group has formed a new subsidiary called Reznick Capital Markets, LLC to provide debt and equity services for real estate clients. Targeted transactions will include joint venture funding for commercial and mixed-use portfolios and single developments requiring capitalization. It plans to partner with national and international brokers.  Former Credit Suisse executive Rob Sternthal is president and managing director of the New York-based subsidiary.

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Enterprise Community Investment has closed on a USDA Section 538 Rural Development loan to help underwrite an apartment building in Vermont. The loan is for $1.1 million. This USDA program is aimed at affordable housing multifamily rental properties in rural areas. The financing can be applied to new construction, rehabilitation of buildings, or acquisition costs related to rehabilitation. It can also be used for the acquisition of buildings for projects that serve a special housing need or the development of related facilities, such as community space, recreation, storage or maintenance structures.
 
Calendar

Oct 3. Holland & Knight's Mid-Atlantic Land Use Practice Group’s breakfast briefing on revisions to Washington D.C.'s zoning regulations and 2008 changes to the D.C. construction codes.  RSVP to hkevents@hklaw.com.

Oct 3. The Maryland-National Capital Park and Planning Commission, Prince George's County Economic Development Corporation and Prince George's County Government’s one-day Economic Outlook Forum. Speakers will include Maryland Lieutenant Governor Anthony Brown and Stephen Fuller, Director of the Center for Regional Analysis and professor of public policy at George Mason University. Visit  http://www.mncppc.org/Envision2008 or http://www.pgcedc.com or contact the M-NCPPC Prince George's County Planning Department at 301-952-4487, publicaffairs@ppd.mncppc.org.

 
 




 
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