DOCTORS' ORDERS: CLASS-A APTS
|The first Class-A apartments near Johns Hopkins Medical Campuscan get going now that pre-development and acquisition financingare in place. (Hypochondriacs are lining up for units... but not too close to each other.)
|MAC Realty Advisors' Caren Garfield (second from left, with Ben Lazarus, Meghan Saliba, and exec director Andrew McAllister—
exec director Bruce Levin not pictured) tells us her firm obtained financing for Jefferson Apartment Group's Washington Gatewayapartments and will be on the prowl for construction financing in the winter and spring. She says the goal is for construction to start next June.
|JAG?s Greg Lamb tells us he and Drew Chapman have been working with the City of Baltimore to redesign Washington Gatewayso it can start next year and take advantage of the Johns Hopkinsexpansion. The project will be 303 units, 18,600 SF of retail (a pharmacy and a restaurant), two private courtyards, a fitness center, a pool, and community space spread over five stories, plus a 405-space parking structure.
|Johns Hopkins provides much of the potential tenant base. Caren says it's the No. 1 hospital system around, and yet there are no Class-A apartments to serve its 40,000 doctors, nurses, faculty, researchers, medical technicians, administrators, and the like. (This is a primetime medical drama just waiting to be written.) The 31-acre Science + Technology Park at Johns Hopkins is also nearby. Andrew tells us MAC, which launched in March 2010, is closing one to three deals a month and has closed about $150Mworth of financing so far this year.