Benning Road Affordable Project Gets Underway: The D.C. Deal Sheet
A 109-unit affordable housing development one block from the Benning Road Metro station has obtained financing and started construction.
The NRP Group and Marshall Heights Community Development Organization are behind The Waymark in Ward 7. They announced this week that the development has been financed and held a groundbreaking ceremony Thursday.
The units, expected to deliver at the end of 2027, will be set at a trio of affordability levels: some for those making up to 30% of the area median income, some for 50% and others for 80%.
“The Waymark exemplifies our strategic approach: partnering with mission-driven organizations like MHCDO to fearlessly tackle tough but very well-located sites, to ensure that cost-burdened families can afford easy access to transportation options and daily amenities,” NRP Vice President of Development Chris Marshall said in a release.
The partnership closed on its acquisition of the land in January for $5.4M. D.C.’s Department of Housing and Community Development provided soft debt for the project, and the DC Housing Finance Agency issued bonds.
DC Green Bank provided a $5M loan for its energy-efficient aspects, the capital provider announced. Keybank was the lender, and U.S. Bank was the tax credit investor. The amount each capital source provided wasn't disclosed.
LEASES
Mechanical contractor Pro-Air inked a 187K SF lease at a Prologis industrial facility in Odenton, Maryland, tenant broker KLNB announced. The D.C.-based company’s lease is at 350 Winmeyer Ave. KLNB’s Josh Katz and Spence Daw represented the tenant, and CBRE’s Jared Ross and Ed Harris worked on the landlord side along with Prologis’ Karen Cherry. Pro-Air, founded in 2001, has a 258K SF footprint across Howard and Anne Arundel counties.
PERSONNEL
The District of Columbia Housing Authority has a new interim executive director. The agency’s board of commissioners selected its deputy executive director, Nicole Wickliffe, to fill the role. She is replacing Keith Pettigrew, who has led the agency since November 2023. Pettigrew is departing Friday to head the Chicago Housing Authority, a move that was reported by media outlets before he gave his letter of resignation. Wickliffe has been with DCHA since 2024.
SALES
Peterson Cos. and Iron Point Partners sold a Fredericksburg industrial facility totaling just over half a million square feet, broker JLL announced this week. Dogwood Industrial Properties, TPG Real Estate's industrial platform, was the buyer. Northern Virginia Gateway Phase II, which sits on 36 acres at 210 Centreport Parkway, is fully leased to two data center servicing and logistics companies, JLL's release says. It was delivered in 2023.
JLL’s Bill Prutting, Chris Dale, Craig Childs and Ginna Wallace represented the seller with support from John Dettleff, Dan Coats and Chris Hew. The price wasn't disclosed.
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Ashford Hospitality Trust sold a 252-room Hilton next to the King Street-Old Town Metro station for $58M, just over half the price it paid in 2018. The buyer was Lodging Capital Partners, which owned the property between 2013 and 2018 and sold it to Ashford in 2018 for $111M. The 26-year-old Hilton Alexandria Old Town sits at 1767 King St.
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The 515-acre former Six Flags site in Prince George’s County has found a buyer. Basketball icon Kevin Durant’s investment firm, 35V, and Atlanta-based TPA Group were selected by Six Flags Entertainment Corp. to purchase the site. The property has been on the market since May, and its roller coasters revved up for the final time in November. Announcements from the buyers and from Prince George's County Executive Aisha Braveboy didn't reveal the price or the plans for the site but signaled a large redevelopment is coming.
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Northwood Investors sold a 10-acre multifamily community within the 1,100-acre Westfields Corporate Center in Chantilly for $258.5M, the Washington Business Journal reported this week. The buyer was an entity tied to investment bank Morgan Stanley. The Preserve at Westfields is made up of two multifamily buildings totaling 595 units and two retail buildings next door that total 10K SF.
