Jemal Equities' $93M Navy Yard Buy: The D.C. Deal Sheet
Jemal Equities continues to secure massive discounts on D.C. office buildings.
The new venture from Matthew Jemal, son of D.C. real estate icon Douglas Jemal, paid $93.3M for 99 M St. SE, a trophy office building a block from Nationals Park, according to filings with the D.C. Recorder of Deeds.
The price was 43% less than the seller, Polinger Co., paid when it purchased the 235K SF property at the end of 2019 for $163M.
Bisnow first reported the sale on May 15, after Jemal Equities announced the acquisition on LinkedIn, but the paperwork hadn't yet been filed in D.C. deed records to show the price.
The deed, dated May 15, was filed two weeks later on June 1.
Jemal Equities, which purchased the building under the affiliate Jemal’s 99 M Owner LLC, took out a $75.1M loan from Citibank that matures on May 15, 2028, deed records show. The records also show that $69M of the total loan amount went toward the purchase of the building.
Polinger tapped Newmark to sell 99 M at the end of last year.
Skanska delivered the 11-story office property, which sits atop a Navy Yard Metro station entrance, in 2018 before selling it to Polinger.
SALES
Sentinel Real Estate has acquired a 297-unit mixed-use apartment building in Potomac, Maryland, the New York City-based company announced this week. The Perry, located at 12430 Park Potomac Ave., was developed in 2015 by Foulger Pratt. Sentinel declined to disclose the price, and the sale hasn't yet been recorded in Maryland land records. The Perry, which spans two residential towers, includes 8,610 SF of ground-floor retail, a pool and sun deck, a zen garden, an entertainment lounge, a dog park and a dog spa.
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The federal government has sold the historic Old Post Office building on Pennsylvania Avenue to its leaseholder. BDT & MSD Partners purchased the property, which houses a 263-room Waldorf Astoria hotel, for $80M. The General Services Administration announced the sale this week, and a deed was filed with the D.C. Recorder of Deeds on Wednesday. A loan document shows that BDT & MSD secured a $40M loan from Citibank for the acquisition. The GSA said that with the transaction, it secured permanent public access to the clock tower and established “strong protections for the building's architectural heritage.”
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The GSA has also offloaded a vacant 337K SF office building in Riverdale to the Coast Guard, the Washington Business Journal reports. The GSA received $14M in proceeds for 4700 River Road, which sits on 12 acres, the WBJ reported, citing a federal official. The GSA first announced plans to dispose of the property in December 2024, and in May 2025, the Public Buildings Reform Board recommended it for disposition. The Coast Guard’s plans for the site weren't revealed.
FINANCING
Affinius Capital and Corscale Data Centers secured a $975M construction loan refinance for a data center in Gainsville. Blue Owl Capital provided the loan for Project Helios at the Gainesville Crossing Data Center Campus. Newmark, which represented the joint venture partners, announced the financing this week. The 72-megawatt data center is fully leased to a cloud service provider. Newmark’s Jordan Roeschlaub, Christopher Kramer, Chris Lozinak, John Caraviello, Ryan Bub, Andrew Warin and Phil O’Bannon represented Affinius and Corscale.
