This week’s DC trade sheet (April 4, 2022)
Courtesy of Urban Atlantic
Le Margaux, a 291-unit development by Urban Atlantic in New Carrollton
EagleBank is providing financing for an Amazon-backed transit-focused housing development, the lender announced Wednesday.
Urban Atlantic’s Margaux received $54.25 million in construction financing from the bank. The 291-unit development is located on Garden City Drive in New Carrollton and is part of Urban Atlantic’s 2.3M SF mixed-use hub at the intersection of Metro, Amtrak, MARC and the eventual Purple Line.
EagleBank’s Andrea Berkeley, Richard Koller and Nette Antehun helped finalize the deal.
Previously, The Margaux received $25.4 million from Amazon’s Housing Equity Fund, which partners with WMATA to invest at least $125 million in affordable housing and labor near transportation. in common.
The multi-family project will neighbor Metro’s Maryland headquarters, which began in 2020. The Margaux is designed with “market-rate finishes,” according to Urban Atlantic, and is expected to be delivered in late 2023.
The Madison Hotel, located at 1177 15th St. NW
Affiliates of AllianceBernstein and Crescent have completed the sale of the 356-key Madison Hotel in downtown DC. The $61.2 million sale was recorded in DC property records on April 1. This is Fort Worth-based Crescent Real Estate’s first acquisition by GP invitation. Fund III. The Madison, located at 1177 15th St. NW, has changed hands several times over the past decade, most recently when AllianceBernstein acquired the hotel for $65.3 million in 2020. The hotel will transition from Hilton to HEI Hotels & Resorts under new ownership. Eastdil Secured advised the seller on the transaction.
An outdoor storage industrial property just over the border in the district of Brentwood, Maryland has changed hands for $3.25 million. The sale, negotiated by the Colliers Industrial Capital Markets team of Michael Blunt and Clay Ellis and Adam Schindler of Colliers, transferred ownership from an undisclosed private investor to a joint venture between Biynah Industrial Partners and Platform Ventures. The 22K SF property at 3520 Bladensburg Road is fully leased to Dynamic Concepts Inc.
Douglas Development on Thursday completed a $12 million acquisition for an office building with parking in Old Town Alexandria. The 70K SF building at 515 King St. has been sold by Brookfield Properties. Douglas plans to embark on a capital improvement project that will include upgraded coworking spaces, office suites and ground floor retail. The new owner also hopes to bring a restaurant to the property once the renovations are complete.
The Fairfax County Housing and Redevelopment Authority plans to join the Arlington Affordable Housing Partnership and Virginia Housing on Tuesday in announcing a $55 million investment in Tysons’ first fully affordable housing project, according to a Press release. The Dominion Square West development is expected to feature two apartment buildings with over 500 residential units in total. The public investment will allow developer APAH to advance construction of the two buildings simultaneously, rather than in phases, according to the release.
The 1550 Crystal Drive office building in Crystal City
Zebox, a technology incubator backed by logistics giant CMA CGM, has officially opened its first US site in Arlington, Virginia. 14K SF’s space is located in JBG Smith’s 1550 Crystal Drive office building. Zebox cited Arlington’s plan to roll out a 5G smart city network as part of its reasoning behind the location. Startups that will work at Zebox at launch include an analytics center for supply chain data, a “real-time search engine for the physical world” and various logistics assistants, joining what could be a tech ecosystem growing in the greater DC area.
Mayor Muriel Bowser was on hand to cut the ribbon for a recently completed townhouse project in St. Elizabeths East on Monday. District Towns, developed by Redbrick LMD, The Knutson Cos. and Gragg Cardona Partners, is bringing 88 townhouses for sale to Ward 8 on Sycamore Drive off Alabama Avenue. About a quarter of the townhouses will be booked as affordable: 14 for those with an income at or below 50% of the area median income and 13 for those with an income at or below 80% of the AMI.
St. James, the brand behind the 450K SF sports and entertainment complex in Springfield, Va., opens its new Performance Club at Reston Town Center on Saturday. The 25K SF club will feature two distinct grass areas and more than 70 fitness classes and serve the office community in Boston Properties’ growing mixed-use development.
Courtesy of JLL
Jillian Grzywacz of JLL
JLL Capital Markets has hired Jillian Grzywacz as a senior manager for its affordable housing production team. Grzywacz joins JLL after six years with the multi-family affordable housing team at Freddie Mac, where she most recently served as Production Manager. Grzywacz will now serve in JLL’s DC office, reporting to affordable housing leader CW Early.
The former vice president and chief of staff to the CEO of Freddie Mac has joined NewPoint. Susan Mudry will serve as Senior Managing Director for Process Reengineering and Strategic Execution, a role in which she will also oversee diversity, equity and inclusion efforts. Mudry joins NewPoint after 25 years at Tysons-based Freddie Mac, where she started as a financial analyst but also gained experience in capital markets, strategy and operations, according to a press release. She will work from NewPoint’s DC office.
CBRE has hired two former Savills brokers to advise occupier clients. Scott Hoffman and Tyler Bensten will serve as executive vice president and senior vice president, respectively, of CBRE’s occupier advisory and transaction businesses after bringing together more than three decades of combined experience. The two have worked on several major transactions in recent years, including the 300K SF lease from Williams & Connolly at the second phase of The Wharf.