O wners , D evelopers & M anagers featuring S ervices & S uppliers

M id A tlantic Real Estate Journal — Section B


Managing directors Goldstein and Hodson lead transaction M&TRealtyCapital Corporationprovides $51.2M in permanent financing for The Elms at Arcola S

led by managing directors Debra Goldstein and Mat- thew Hodson of M&T Realty Capital Corporation’s Falls Church, VA and Washington, DC offices, respectively. “Matt and I are delighted to have been able to assist Elm Street with their per - manent financing needs for this delightful new commu- nity,” Debra Goldstein adds. “Freddie Mac Optigo loan programs provide long-term, non-recourse financing to experienced developers, with options for financing during lease-up or after the property has stabilized.”  in coordinating the trades, municipality and county rep- resentatives, and PSE&G over the two-week period to meet BNBMC’s deadline. The team completed the project with help from the union labor workforce includ- ing over 80 carpenters, 20 electricians and 20 plumb- ers working in three shifts around the clock. Each shift was staggered in compliance with CDC, OSHA and Holt health and safety guidelines. Social distancing was strictly enforced at all times across the project site, and all per- sonnel were equipped with N95 facemasks, face shields, gloves and goggles, in addition to sanitation stations upon entering and exiting the site. Holt would like to sincerely thank all of those involved in this tremendous project, including but not limited to: • New Bridge Medical Cen - ter • Bergen County and James J. Tedesco, III • The United States Army Corps of Engineers • FEMA • Allan Briteway Electric • Nicholson Contracting • Zabransky Mechanical • RSC Architects • Local 3 • Carpenters Union 253 • Operators Union 825 

countertops, ENERGY STAR stainless steel appliances, and full-sized washers and dryers. Property amenities include a resort-style pool with sundeck, a gym, a yoga room, cyber café, and a community garden. The property is lo - cated off Rte. 50 and Loudoun County Pkwy., minutes from Dulles International Airport, the Blue Ridge Mountains and access to Washington, DC and Maryland. The 10-year fixed-rate loan is structured with five years of interest-only payments, followed by a 30-year amor - tization. The transaction was

HI-LIGHTS May 29 - June 11, 2020 The Elms at Arcola offers one-, two-, and three-bedroom units for rent. Each unit fea - tures a kitchen with granite TERLING, VA — M&T Realty Capital Cor- poration has closed a $51.195 million Freddie Mac Optigo Conventional loan for financing of The Elms at Arcola, a 248-unit apart- ment complex in Sterling. The project developer is McLean, VA-based Elm Street De- velopment , one of the largest privately-owned developers in the Washington-Baltimore area. Contributing Columnist:

The Elms at Arcola

Holt Construction builds temporary hospital with U.S. Army Corps in record 14 days

PARAMUS, NJ — To - gether with the U.S. Army Corps of Engineers, Ber - gen County and FEMA, Holt Construction success- fully completed a temporary hospital in just two weeks at Bergen New Bridge Medical Center (BNBMC) in Para- mus. The two fully-equipped tents, the first of its kind for Army Corps temporary facil- ity construction standards, will serve as a treatment facility for acute, non-COVID related patients due to the influx of COVID-positive pa - tients in the main building. The temporary hospital will serve an additional 100 pa- tients total and is located in a large parking lot adjacent to BNBMC’s main building with a covered walkway linking the two facilities. Each tent structure includes 50 inpatient beds as well as an admissions bay, nurse stations, six bathrooms with showers, hospital staff nour- ishment and support areas, a nurse call system in each patient room, medical gas storage, medicine storage, and soiled holding. The temporary hospital required plumbing and sprinkler to be run from the main hospital into the barren parking lot. With as- sistance from Bergen County and PSE&G representatives,

James Rickard, CPA, CGMA Withum


Larken Associates acquires 224-unit apt. community in PA


Bergen New Bridge Medical Center tents

new incoming primary power with a stepdown transform- er was provided to power the two tents. Complete life safety provisions were also installed including fire alarm, sprinkler, fire extinguishers and other life-safety systems.

This required a significant coordination effort with as- sistance from local architects and engineers. The extraor - dinary help from James J. Tedesco , county executive of Bergen County, played a vital role in the project’s success



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