JV Pays $79M For Silver Spring Apartments: The D.C. Deal Sheet
A Silver Spring apartment complex is poised to transition into an affordable and mixed-income community.
A joint venture has paid $79.4M for the 326-unit Yorkshire Apartments in Silver Spring's White Oak neighborhood, the Washington Business Journal reported Friday. The venture, led by New York Life Investment Management and Donaldson Impact Investments, plans to turn half of those units into affordable housing, according to the WBJ.
Donaldson will manage the property, and nonprofit developer Housing Initiative Partnership will provide on-site support services, such as wellness and access to food assistance programs.
The acquisition aims to help address the ongoing affordable housing crisis in the D.C. region and deliver more accessible housing stock to Montgomery County residents. The remaining half of the units will stay at market rate.
LEASES
The D.C. Metro has signed a 10-year lease with Dunkin’ to open at its headquarters in L’Enfant Plaza, Metro said in a Friday press release. The shop will be near Metro’s first retail tenant, Potbelly, and is slated to open late this year or early next.
SALES
D.C.-based Roadside Development, in partnership with Hudson Bay Capital, has acquired Bethesda Towers, a nearly 600K SF office campus at 4330 East-West Highway in downtown Bethesda. Roadside, which focuses on mixed-use, retail and adaptive reuse projects, said it had its eye on the property for a while due to its accessibility to downtown D.C., and it plans to “strategically reposition” it over time. A spokesperson for the company declined to provide pricing details.
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Nursing home company CommuniCare has offloaded all 18 of its Maryland holdings, the Washington Business Journal reported. The facilities were sold to a collection of family trusts primarily under the control of a businessman who owns nursing homes in two other states. The deals altogether are worth about $500M.
FINANCING
D.C. metro-based developer Redbrick LMD obtained $37.6M in commercial property assessed clean energy financing for a medical office building on the St. Elizabeths East campus in Southeast, Commercial Observer reported. Nuveen Green Capital originated the loan and expects it to help the building save more than $45K annually on utility costs through energy-efficient heating and cooling systems. Nuveen partnered with DC Green Bank on the loan.
MILESTONES
Meta Platforms has filed plans to open a first-of-its-kind retail kiosk in the D.C. metro area, the Washington Business Journal reported. It is planning a 136 SF outpost on the second level of Tysons Corner Center, according to the WBJ, citing a build-out permit application Meta filed with Fairfax County. Meta is also reportedly eyeing spots in Georgetown for another outpost.
