Buzzard Point Apartments Snag $173M Refinance: The D.C. Deal Sheet
The owners of a massive apartment complex between Nationals Park and Audi Field have secured a refinance a year and a half after it opened.
Joint venture partners Toll Brothers and CrossHarbor Capital Partners obtained $173.25M for Vermeer at 113 Potomac Ave. SW. The capital comes from Corten Real Estate, through a new multi-asset-class national investment fund: Corten Real Estate Credit Fund I.
The loan was recorded in D.C. deed records this month and revealed in a release from Corten as a first-mortgage bridge loan.
It is one of the first two deals from the new senior credit program Corten is undertaking in conjunction with an unnamed U.S.-based life insurance company, it said. The other is financing for a 344-unit apartment building in Philadelphia. Corten projects it will grow the fund to more than $1B of committed capital.
Toll Brothers and CrossHarbor didn’t immediately respond to requests for comment.
Vermeer's first residents moved in at the end of 2024. The property features a rooftop pool, coworking spaces and a resident lounge, as well as 36K SF of ground-floor retail.
LEASES
Willard Retail has inked a Sprouts Farmers Market lease at its Loehmann’s Plaza shopping center at 5200-5296 Randolph Road in Rockville, Rockville Nights first reported. It will be Montgomery County’s third Sprouts, according to The MoCo Show. The first opened in January 2024 at Burtonsville Crossing, and another is coming to Gaithersburg’s Lakeforest redevelopment.
SALES
Investor Srinivas Chavali has purchased a 201K SF retail building at the Fair Oaks Mall, about three-quarters of which is occupied by JCPenney, the Washington Business Journal reported. Chavali, who also owns Dulles Town Center, paid $8M for the property at 11801 Fair Oaks Mall. The sellers were a joint venture of Martin-Diamond Properties and The Meridian Group, which had purchased the property for $8.6M in 2022.
FINANCING
Insight Property Group has secured financing for its 452-unit conversion project near the Vienna Metro station, it announced this week. The developer received a $107.7M loan from CIBC Bank USA and Citizens Bank for its multifamily development at the Hunters Branch office park at 9300 and 9302 Route 29. The total project cost is $174.6M, the rest of which is coming from equity from itself and its unnamed limited partner. Berkadia's Brian Gould and Brian Crivella arranged the loan and limited partner equity financing, Gould told Bisnow.
MILESTONES
The Urban Land Institute has moved its D.C.-based global headquarters office as well as the office for its local D.C. chapter, it announced this week. The urban planning nonprofit relocated from its 33K SF at 2001 L St. NW to 26K SF at 2101 L St. NW. With the move, its local chapter, which had previously been colocated with ULI’s HQ, moved into a sublease at Hickok Cole’s NoMa home. Silverline Equities’ Anthony Chang represented ULI Washington in its relocation. Cushman & Wakefield represented ULI in its global headquarters move. Gensler designed ULI’s new HQ.
