Middle-Market Digest: The Mid-Altantic

CAPITAL MARKETS

SUITLAND, MD–Bedford Crest LLC has secured a $1.7 million loan from Englewood Cliffs, NJ-based Kennedy Funding Financial to fund the acquisition of 10.66 acres of raw land in Suitland, Md., close to Andrews Air Force base and the Census Bureau. Kennedy Funding provided funding based on the value of the land with newly-secured zoning in place. It took two years for Bedford Crest to successfully rezone the property to allow for 175 apartments units and 57 townhome units, improving the value of the property by millions of dollars. Bedford entered into a contract to purchase the land in 2014 for $900,000.

WASHINGTON, DC–New York Life Real Estate Investors has provided two loans totalling $90 million, on behalf of institutional investors, on 1156 15th Street, NW and 1620 Eye Street, NW. Each loan has a term of 15 years. “We are pleased to add such quality assets to our commercial mortgage portfolio and further expand our long standing relationship with TF Cornerstone,” said David Li, senior director at New York Life Real Estate Investors.

LEASING

WASHINGTON, DC–Cushman & Wakefield's Michael Katcher, Mark Wooters, and Matt Venos will handle office leasing for 1025 Thomas Jefferson Street, NW, and Chris Hunt will handle the retail leasing. Alduwaliya Asset Management acquired the property, called Jefferson Court, last month for $142 million.

GERMANTOWN, MD–Cresa Washington DC represented Bay Microsystems in a 13,525-square-foot lease renewal at 20251 Century Blvd. The four-story, 106,000-square foot  building is located in the 270 Corporate Center office park and owned by Matan. The renewal terms reduced real estate costs for Bay Microsystems for one year prior to the lease expiration, according to Cresa Washington DC Managing Principal Mindy Saffer, who represented Bay Microsystems in the transaction. There was also an improvement allowance to make necessary upgrades.

INVESTMENT SALES

WASHINGTON, DC–South Carolina-based OTO Development has acquired the former Smith & Wollensky restaurant site at 1112 19th St., NW for $23.4 million, records show. It plans to develop a AC Hotel by Marriott there, according to the WBJ.

ROANOKE, VA–Roanoke Airport Hotel Partners LLC has acquired the 153 key Holiday Inn Valley View for $7.25 million. Washington, DC-based Donohoe Real Estate Services/CORFAC, a member of Hotel Brokers International arranged the transaction.

CAPITAL MARKETS

SUITLAND, MD–Bedford Crest LLC has secured a $1.7 million loan from Englewood Cliffs, NJ-based Kennedy Funding Financial to fund the acquisition of 10.66 acres of raw land in Suitland, Md., close to Andrews Air Force base and the Census Bureau. Kennedy Funding provided funding based on the value of the land with newly-secured zoning in place. It took two years for Bedford Crest to successfully rezone the property to allow for 175 apartments units and 57 townhome units, improving the value of the property by millions of dollars. Bedford entered into a contract to purchase the land in 2014 for $900,000.

WASHINGTON, DC–New York Life Real Estate Investors has provided two loans totalling $90 million, on behalf of institutional investors, on 1156 15th Street, NW and 1620 Eye Street, NW. Each loan has a term of 15 years. “We are pleased to add such quality assets to our commercial mortgage portfolio and further expand our long standing relationship with TF Cornerstone,” said David Li, senior director at New York Life Real Estate Investors.

LEASING

WASHINGTON, DC–Cushman & Wakefield's Michael Katcher, Mark Wooters, and Matt Venos will handle office leasing for 1025 Thomas Jefferson Street, NW, and Chris Hunt will handle the retail leasing. Alduwaliya Asset Management acquired the property, called Jefferson Court, last month for $142 million.

GERMANTOWN, MD–Cresa Washington DC represented Bay Microsystems in a 13,525-square-foot lease renewal at 20251 Century Blvd. The four-story, 106,000-square foot  building is located in the 270 Corporate Center office park and owned by Matan. The renewal terms reduced real estate costs for Bay Microsystems for one year prior to the lease expiration, according to Cresa Washington DC Managing Principal Mindy Saffer, who represented Bay Microsystems in the transaction. There was also an improvement allowance to make necessary upgrades.

INVESTMENT SALES

WASHINGTON, DC–South Carolina-based OTO Development has acquired the former Smith & Wollensky restaurant site at 1112 19th St., NW for $23.4 million, records show. It plans to develop a AC Hotel by Marriott there, according to the WBJ.

ROANOKE, VA–Roanoke Airport Hotel Partners LLC has acquired the 153 key Holiday Inn Valley View for $7.25 million. Washington, DC-based Donohoe Real Estate Services/CORFAC, a member of Hotel Brokers International arranged the transaction.