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The largest commercial real estate publication in the United States.
   
January 31, 2012  
 
 
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For Hotels?

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Lenders are skittish about hospitality, but hotel franchises still need capital. (Shockingly, the revenue from displaced Occupy DC protesters won't be enough.) Which means many could turn to Access Point Financial and its new $1B capital expenditure and bridge loan program, CEO Jon Wright tells us.
 
Access Point Financial Services, Jon Wright
Access Point finances improvements to existing properties, allowing individual hotel owners and operators to upgrade facilities at a time their traditional lenders, community banks, have backed away from the asset class. The Access program is funded by a senior secured credit facility from Wells Fargo (announced yesterday) and an equity investment from Stone Point Capital. It will provide recourse loans with terms up to 10 years.
 
WGas (Intext2)
Hotel Monaco
Pebblebrook recently locked down a $46M loan for Hotel Monaco in DC. There are some positive rumblings from CMBS "in terms of that market being a litmus test for non-recourse refi and acquisition loans to stable and cash-flowing properties," Jon says. Improvements are key for franchisees to maintain license agreements with national brands, which is integral to the value of an asset. Access typically works with focused-service brands, doing renovation loans and select mortgage deals in the 65% LTC range not exceeding $40M. The $1B in funds will be disbursed through 2015.

Bisnow
Breaking News:
British Investor Sells 2099 Penn
2099 Pennsylvania Ave
In an off-market deal, this morning New York Paramount Group announced it bought 2099 Pennsylvania Ave. at a price a source pegs at $158M, or $765/SF. Land records indicate the property last traded in 2008, when London-based Vico Capital purchased it for $172.5M. (At the time, it out-bid a Dubai group.) The 207k SF building is Paramount's fifth DC-area purchase, bringing its total regional holdings to 1.5M SF. The asset comes with a challenge: 131k SF is supposed to roll over there within 12 months, coming at a time of slow momentum in the leasing market.

Bisnow
Quicker Leasing, Higher Rents?
 
Victoria Davis, Urban Atlantic
Apartment leasing at Urban Atlantic's Rhode Island Row has gone surprisingly fast, leading the company to consider raising rents, president Victoria Davis (above, at a Bisnow event) tells us. 45 leases have been inked there over the past two months, and 36 of the development's 274 units (located directly above the Rhode Island Ave. Metro station) have delivered thus far. The rest will complete by the end of August. The trend points to continued strong demand for urban multifamily projects, Victoria says, and her company's marketing tool of choice has been the Internet. Its 70k SF retail component is also over 50% leased, with CVS buildout under way and opening planned for June.

Bisnow
JLL: Pats Will Win Super Bowl
 
Tom Brady, Bill Belichik
The city with the highest vacancy rate usually wins the Super Bowl, JLL chairman Roger Staubach says, leading him to predict victory for the New England Patriots this weekend. Last year he correctly prognosticated that the Packers would beat the Steelers; according to the firm’s analysis of the last dozen Super Bowls, teams based in cities with more vacant office space have won the Lombardi Trophy exactly two-thirds of the time. NYC's stands at 10.4%, with Boston's at 20.5%. Who's your pick? Tell our DC reporter.

Bisnow
New Details on LivingSocial Space
 
918 F St.
Graffiato chef Mike Isabella will preview his forthcoming Mexican joint Bandolero with a series of pop-up dinners hosted at Living Social's space at 918 F St. from Feb. 16-19. This may be the first of many culinary events coming to the daily deal site's new digs. Permits for the new building reveal that there will be two kitchens on site: one used as a demo kitchen and the other for catering parties. In addition, the building will have an entertainment space with athletic, educational, artistic, and culinary classes. For more of the latest dining news, subscribe to Dining Bisnow.

Bisnow
This Morning In Baltimore
 
Maryland Secretary of Housing & Community, Raymond Skinner
Today at Bisnow’s Baltimore Affordable Housing Summit, Maryland Sec. of Housing & Community Development Raymond Skinner was asked how affordable housing benefits the local economy. His answer was a rundown of federal stimulus spending: $110M through the state’s Tax Credit Assistance Program and Section 1602 programs. The state leveraged that into $375M to fund 28 deals in 2010 and 24 in 2011, with the money entering the economy for labor, goods, and professional services. Still, a lot of affordable housing deals require as many as five funding sources, and federal funding is working its way up the endangered species list. Raymond petitioned our 260 attendees to lobby for these programs in the federal budget and tax code.
 
JLL, Scott Melnick, Reznick Group, Bill Riley
Also on hand: JLL's Scott Melnick and Reznick Group's Bill Riley, who moderated the conversation with Skinner.

Bisnow
Brandywine's NoVA Deals
 
Brandywine Realty Trust, Bob Wiberg, Janet Davis
Yesterday, Brandywine Realty Trust announced it inked 69k SF in new Northern VA deals in 2011. The details: law firm Reese Broome signed for 31k SF in Vienna, BAE/Detica took 17k SF at 1676 International Dr., and IT firm Fujitsu took 11k SF at 3141 Fairview Park Dr. in Falls Church. Above: Brandywine's Bob Wiberg and Janet Davis.

Bisnow
Expansion in Silver Spring
 
1100 Wayne Ave, Silver Spring
The Law Offices of Gary M. Gilbert & Associates is moving to 15k SF at 1100 Wayne Ave. in Silver Spring to 15k SF in order to accommodate new employees. The employment law firm formerly occupied 10k SF at 8401 Colesville Rd. and was repped by Ezra's Gene Martin, Damon Rothman, and Kerry Colclough. (An employment law firm hiring more people. Isn't that insider trading or something?) The team says it secured "a healthy rent-abatement tenant-improvement package" for the tenant, which also examined options in DC and Bethesda.
 
Send story ideas to mike.leon@bisnow.com.
 
 
 
Monday (Green) DCRE
 
WGas (Preferred2)
 
Gaedeke (GSt) DCRE
 
Alexandria EDC - DCRE
 
RMA Limo 3 DCRE
 
Crystal BID (Couture)
 
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Services of America (Plum
 
Microsoft (Share)
 
Bisnow One DCRE
 
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