Washington, DC

Office Properties Income Trust had planned to reposition the building but the price was too good to resist.

The deal was reported by Bethesda, MD-based commercial real estate finance firm Walker & Dunlop, which represented California-based Praelium Commercial Real Estate and South Street Partners of Charlotte, NC, in refinancing the property as part of a restructuring and recapitalization of the ownership entity.

The average asking rent at buildings located one block from a Metro stop is now $53.34 per square foot full-service.

EB5 Capital is contributing a $44.5 million preferred equity investment in Douglas' office-to-multifamily housing conversion.

The NIC reports that overall occupancy at skilled nursing facilities held firm at 82.4% at the end of the fourth quarter of 2018, which was virtually unchanged from the third quarter of 2018 and down 35 basis points from 82.8% in the fourth quarter of 2017.

The portfolio, which also contains a Northern Virginia sub-portfolio, is the largest multifamily transaction in Philadelphia to date, according to Morgan Properties.