Wardman Park Gets Foreign Cash
One of the city's most prominent assets just got a boost from a foreign investor. (Foreign money changing hands is fine so long as it doesn't affect Sochi figure skating scores.)
According to public record, an affiliate of North American Sekisui House (NASH)—a subsidiary of Japan's largest homebuilder—has just bought into the Wardman Tower condo redevelopment at the Marriott Wardman Park hotel. (That's NASH prez Satoshi Yoshimura with former Loudoun County supervisor Lori Waters at the One Loudoun groundbreaking a few years back—more on that in a sec). JBG and CIM Group own the hotel and for months have been seeking new investors to redevelop the property's historic tower into condos. A $52M deed recorded last week shows a JBG affiliate as the seller and the NASH affiliate as the buyer, though we were unable to confirm exactly what portion of the property changed hands.
JBG declined comment. You might recognize NASH as a co-developer of the massive One Loudoun project in Ashburn with Miller & Smith. Redeveloping the hotel's tower isn't the only action at the site, as JBG and CIM are putting the finishing touches on The Woodley, a 212-unit apartment complex right next to the hotel. The firms have been pre-leasing for a few months, with delivery expected in March.