ISSUE HIGHLIGHTS Volume 33, Issue 6 June 18 - July 22, 2021

ALTIMORE, MD —In two separate transac- tions, Brad Domeni- B OneWall Partners acquires 783 units, plus 88 townhomes in Baltimore, MD Progress arranges $76M in acquisition financing for multifamily communities

These beautifully landscaped communities have a country- like setting and provide resi- dents with an abundance of amenities including on-site laundry facilities, playground, pet-friendly atmosphere and close proximity to public parks. “These are the most recent examples of OneWall’s con- tinued efforts to expand their footprint across the Northeast and I’m glad that I was able to arrange the financing to make it happen for them.” -Brad Domenico. The Middle River Baltimore Crossroads section of Baltimore includes the communities of Middle River, White Marsh Es- tates, and Chase. Surrounded by rivers and creeks, this area extends from Middle River to Bird River and includes the Dundee Natural Environment Area and Hammerman Area Beach. The area is ideal for commuters, as the train ride to Pennsylvania Station takes less than 15 minutes. MAREJ in Bergenfield and Matawan Mall in Matawan, as well as an office property located at 1985 Cedarbridge Ave. in Lakewood. Pennsylvania as - sets include Shillington Plaza in Reading, 25th Street Plaza in Easton, Monroe Plaza in Stroudsburg and Mountain- ville Plaza in Allentown. LMC will apply its best-in- class management standards to these properties’ opera- tions, noted Lowry. Efforts initially will focus on main- taining and enhancing curb appeal as well as working with the client to orchestrate strategic, longer-term capital reinvestments. “Although this is our first assignment with this client, they are familiar with our capabilities in delivering high- quality commercial real estate services and wanted to bring that same level of consistency to this group of assets,” said Lowry. MAREJ

co , partner at Progress Capital se- cured acqui- sition financ - ing totaling $76 million for OneWall Partners to acquire two s u b u r b a n



37 Alberge Lane

303 Holly Drive

time and felt Hopkins Point Townhomes and Oak Grove Apartments presented the perfect opportunity to enter the region with some scale.” - Andy Wallace , OneWall Partners’ CEO and principal. Both Hopkins Point and Oak Grove are located in Middle River, MD in southeast Bal- timore County, 10 miles from downtown Baltimore. The properties sit minutes from I-95, I-695 and US Route 40, and three miles from 555,000 s/f of retail space, facilitating convenient commutes and shopping.

featuring one, two and three- bedroom units. Additionally, Domenico ar- ranged a $25,106,000 acquisi- tion loan for the borrower to purchase Oak Grove Apart- ments & Townhomes located at 303 Holly Dr. The 17-acre property is 94% occupied and is comprised of 22 market-rate apartment buildings with 259 units, plus 88 townhomes. Arbor Commercial Mort- gage provided financing for both acquisition loans through FannieMae’s SARMS product. “We’ve been tracking the Maryland market for some

Brad Domenico

multifamily communities totaling 783 units, plus 88 townhomes. Both properties are located in Middle River, MD in southeast Baltimore County, 10 miles from down- town Baltimore. D o m e n i c o s e c u r e d a $50,985,000 acquisition loan for the borrower to purchase a 39-acre site located at 37 Al- berge Lane, formerly Whisper- ing Woods. The property has been rebranded Hopkins Point, is 98% occupied and contains 524 market-rate townhomes



Section C

Digital Fortress unveils its Tier III 100 MW, 88-Acre Data Center Campus in Chesterfield County, VA

Levin Management Corporation secures Nine-property management assignment

NORTH PLAINFIELD, NJ — Levin Management Corporation (LMC) has se- cured a nine-property, 840,000 s/f management assignment with a privately held owner- ship entity. This significant appointment, which includes eight retail properties and one office asset in New Jersey



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Millburn Mall in Vauxhall, NJ

and business development. “We pride ourselves on man- aging all assets at an institu- tional level, and both existing and newer clients appreciate our expertise and guidance as a landlord-focused real estate services provider.” The management assign- ment includes five New Jer - sey properties: Browntown Shopping Center in Old Bridge, Millburn Mall in Vauxhall, Newbridge Plaza

and Pennsylvania, brings the firm’s third-party services portfolio to 120 properties to- taling more than 16 million s/f. “This assignment is a great addition to our management portfolio and marks a mile- stone for LMC – representing the largest total number of properties we have taken on in one assignment throughout our decades-long history,” said Joseph Lowry , LMC’s senior vice president of acquisitions

Inside Cover A — June 18 - July 22, 2021 — M id A tlantic Real Estate Journal


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M id A tlantic Real Estate Journal — June 18 - July 22, 2021 — 1A



SunTrust Bank (Truist Bank) Pikesville, MD $4,092,759

Outback Steakhouse & M&T Bank Clifton Park, NY $2,734,977 Dollar G neral & BOA A M Ven nor City, J 196,250

Mission BBQ & Sport Clips Marlton, NJ $3,830,810 148 Valley Road Center ontclair, NJ 7,50 ,00

Wells Fargo Falls Church, VA $3,300,000

Outback Steakhouse Gainesville, VA $3,653,846

IHOP Grove City, OH $1,948,479 Santander Bank Matawan, NJ 150,000

Shoppes of Southland Orlando, FL $3,775,000 Walmart & Lowes Hooksett NH 14,900, 0

7-Eleven Coppell, TX $4,400,582 Christmas Tr e Shops Avon, MA 3 875,000

Bojangles La Follette, TN $1,951,220 Family Dollar B ltimor , MD , 10,00

Ethan Cole, NJ Broker of Record, License 2082582 | Michael Alvarez, Principal Broker Gillian Greenfield, CCIM, MD Broker of Record, License 681790






2A — June 18 - July 22, 2021 — M id A tlantic Real Estate Journal


M id A tlantic Real Estate Journal

M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ... Dwight Kay, Betty Friant and the Kay Properties & Investments Team Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 33, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com

Real Personal. Real Successful. Real Estate. Your commercial real estate transaction demands innovative expertise and principal involvement. Our network of 70 global offices is exceptionally experienced and intentionally independent. Let’s talk today.

Understanding the potential advantages of the 200% Rule in a 1031 exchange By Dwight Kay, Founder & CEO; Betty Friant, Senior VP and The Kay Properties Team made famous by the popular TV game show Who Wants to Be a Millionaire? Choosing the right answer in this game gives you a shot at winning big money, while the wrong answer leaves you with nothing. Investors conducting a 1031 Exchange face a similar make or break decision when it comes to iden - tifying suitable replacement properties. The right choices can help streamline a smooth and suc - cessful execution of a 1031 Exchange. Choosing wrong with properties that may not be viable or deals that are unable to close within the 180- day time period can derail the entire 1031 Exchange. The good news is that investors do get to identify more than one replace - ment property. However, just like the gameshow, once that 45-day deadline hits for iden - tifying replacement options, those answers are final. Making s that your final an - swer?” You may rec- ognize the question “I


the most of that short list is one reason that the 200% Rule is a popular choice for many inves - tors. The 200% Rule allows an investor to identify the largest number of replacement options with four or more properties or Delaware Statutory Trust (DST) replacement invest - ments. Under Section 1031 of the Internal Revenue Code, taxpay - ers who are seeking to defer recognition of capital gains and related federal income tax liability from the sale of a prop - erty are required to formally identify a replacement property or properties within 45-days from the date that the original property is relinquished (the

day they closed the escrow on the property they sold). The tax code gives taxpayers three different options for identifying replacement properties on that 45-Day Property Identification Form – the 200% Rule, the 3-Property Rule or the 95% Rule. So, which is the best op - tion to use? Every situation is different. However, for those investors who want to maxi - mize their potential options and identify four or more replace - ment properties, the 200%Rule is a good choice to explore. How does the 200% Rule work? Exchangers can identify any number of properties as long continued on page 32A

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M id A tlantic Real Estate Journal — June 18 - July 22, 2021 — 3A F inancial D igest F eaturing C reative F inancing Gibson, Leachman, Greer and Cabot represent borrower JLL secures $82.57M construction financing for multi-housing property in Columbia, MD


OLUMBIA, MD — JLL Capital Markets se- cured a $82.57 million construction loan for develop - ment of the Marlow apart - ments, a 472-unit community with 32,340 s/f of ground-floor retail located in downtown Columbia. JLL worked on behalf of the borrower, an affiliate of The Howard Hughes Corpora- tion , to secure the floating- rate construction loan for an initial term of four years with a one-year extension. The to-be-bui lt Marlow apartments will be part of the larger 14 million s/f mas - ter planned development for downtown Columbia. Marlow will be one aspect of the larger Merriweather District micro market, which will ultimately total 2.3 million s/f of office space, 320,000 s/f of retail, 1,900 multi-housing units, a 250-room hotel, a community pavilion and about 60 acres of open space. Initial delivery of the apart - ments is expected in Fall 2022 C

Merriweather Post Pavilion, a renowned music and com - munity venue that’s hosted various artists, including Jimi Hendrix, Willie Nelson, Foo Fighters and Florence + The Machine. Also touted as the “heart and soul” of the third city between Baltimore and Washington D.C., this area is part of The Howard Hughes Corporation’s long-term re - naissance vision for downtown Columbia. The JLL Capital Markets team representing the borrow - er was led by Mark Gibson, Jamie Leachman, Drake Greer and Jackson Cabot . “The Marlow will be yet an - other transformational project to this master planned com - munity within Columbia,” said Leachman. “Howard Hughes’ commitment to its long-term vision coupled with more and more liquidity returning to the market on a weekly basis was reflected in the strong response from the lending community through market - ing process.” MAREJ a well-located property with exciting area amenities and job centers.” FCP has invested in the de - velopment of more than 9,000 multifamily units valued in ex - cess of $2.0 billion. St. Joseph Apartments is the fourthmulti - family development closing for FCP in 2021 to date, including projects in Orlando, Tampa and Broward County, Florida. Located just one mile from the Largo Metro Station and adjacent to Woodmore Town Center with Wegman’s, Costco and Best Buy among other major retailers, St. Joseph Apartments is expected to fill an unmet need for modern, condo-level finished apart - ments in a high-growth area of the Washington, DC suburbs. FCP extends its appreciation to Mark Remington and Alec Jenkin s of Phillips Realty Capital. MAREJ


and will enhance the place - making and street scape of the larger Meriweather District. This will be the fifth prop - erty delivered by The Howard Hughes Corporation in this micro market, following the delivery of the adjacent 382-

unit Juniper apartments in 2020 and the 321,000 s/f, class A 6100 Meriweather office building in 2019, home of the Tenable world headquarters. Located at 6200 Valencia Ln., Marlow will total 510,181 rentable s/f and include studio,

one-, two- and three-bedroom floorplans, in addition to eight loft units with two-story lay - outs, which will be completely unique to the marketplace. The Merriweather District cradles Symphony Woods, a 40-acre parkland area, and

FCPmakes 4thmultifamily development investment in 2021, with $12.8M in preferred equity for St. Joseph Apartments

UPPERMARLBORO, MD — FCP has invested $12.8 mil - lion in preferred equity for St. Joseph Apartments, a 268-unit luxury apartment development at 9500 Ruby Lockhart Blvd. in Upper Marlboro. Developer Varsity Investment Group will build the four-story, eleva - tored community with United Bank providing the $45.1 mil - lion construction loan. The deal was sourced and structured by Phillips Realty Capital . “St. Joseph provided FCP with an opportunity to demon - strate our ability to be creative and flexible with developer partners, closing this invest - ment during pre-development and working with Varsity through final phases of design/ costing,” said FCP vice presi - dent – multifamily develop - ment, Billy Herbert . Herbert continued, “We are excited to work with Varsity on such

St. Joseph Apartments

4A — June 18 - July 22, 2021 — Creative Financing — M id A tlantic Real Estate Journal


C reative F inancing

Part of long-term plan to preserve affordable housing in Alexandria Center The AlexandriaRedevelopment &Housing Authority winsHUDapproval for 1st three property conversions


the entire public housing port - folio in Alexandria to be funded under this higher formula. Importantly, ARHA will retain ownership of these properties through its own nonprofit sub - sidiary. “The outstanding facet of this subsidy conversion is that ten - ant protections will remain in place,” Pettigrew said. “Tenant share of rent will not change, and our mission of serving poor and extremely poor households will be strengthened. Our goal is to preserve housing for vul - nerable populations and im - prove the quality of life for our current residents.” Higher operating subsidies will allow ARHA to rebuild each property more aggres- sively. At each redeveloped site, ARHA will be able to provide amenity spaces and a management office, and ensure strengthening the social fabric of a community is an integral part of the redevelopment. “Redevelopment is not just about brick and mortar. Our goal is to ensure that, as an agency, ARHA invests in the personal development of each resident and assists them in reaching their individual goals,” according to the plan approved by the ARHA Board of Commissioners. Plans for each site will in - clude a mix of incomes. The recently completed construc - tion on the property of the former Ramsey Homes, built in 1942, to the new Lineage at North Patrick exemplifies the approach that ARHA and its partners can take on any site. The Lineage transformed 15 public housing units into 52 affordable units in a beautiful new building. The building includes 15 replacement units for low-income households and adds 37 more affordable units for workforce households. Pettigrew notes there is no difference in accommodations whether a household earns $17,000 a year or $70,000. “Once our board embraced this agenda, we held seven community meetings to ex - plain our plan to residents,” Pettigrew said. “With these first three HUD approvals and more to come, our plans are quickly becoming a reality. Our partners in the city’s housing office and the community at large can look forward to seeing ARHA play a leadership role in a market in desperate need of affordable housing.” MAREJ

213 units. The rents at other public housing sites will be converted through the Rental Assistance Demonstration (RAD) program, again chang - ing the funding source from public housing to an increased funding stream. “These tools will increase the cash flow at each site,” said ARHA CEO Keith Pettigrew . “There is a tremendous back - log of maintenance at public housing communities across the nation, including Alexan - dria, and these conversions will allow us to catch up, stay ahead and ensure that our

residents live in high-quality, well-maintained buildings.” These subsidy changes re - sult from a 2018 HUD policy allowing housing authorities to change the funding stream and work under less restrictive regulations for a portion of their public housing units. Through two programs called Section 18 and RAD, ARHA expects to convert 504 current public housing units to higher funding rates. When that mile - stone is reached, the remaining 250 units will automatically be approved for Housing Choice vouchers, clearing the way for

housing properties. Funding for vouchers is sig - nificantly higher than public housing subsidies, and the ap - provals represent a major step in accomplishing ARHA’s ambi - tious redevelopment activity. By using changes in HUD funding, ARHA is laying the foundation for the agency to ultimately upgrade and sustain its entire 754 units of public housing, plus build new work - force and market rate housing. The first three properties approved for conversion are Ladrey High-Rise, Park Place, and Saxony Square, a total of

LEXANDRIA, VA — The Alexandria Re- development and

H o u s i n g Author i ty (ARHA) has won approval from the De- p a r tme n t of Housing and Urban D e v e l o p - ment (HUD)

Keith Pettigrew

to convert three sites from public housing funding to Housing Choice Voucher fund - ing, kicking off plans to rede - velop all of the agency’s public

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M id A tlantic Real Estate Journal — Creative Financing — June 18 - July 22, 2021 — 5A


C reative F inancing



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6A — June 18 - July 22, 2021 — Creative Financing — M id A tlantic Real Estate Journal


C reative F inancing

Joshua Rosen leads origination team Walker &Dunlop structures $56 Million in financing

New tool will unlock institutional capital for BIPOC housing developers Schusterman & CIGP commit $25M to advance racial equity in housing

tial expertise in seniors hous - ing and healthcare facilities finance has helped our clients provide care and housing for our country’s most vulnerable populations during a time when they need it most.” Chalet Living & Rehab Cen - ter, located in Chicago, Il - linois, includes large private suites, a library, and spacious communal areas. The Grove of Evanston, a nursing home in Evanston, Illinois, hosts on- site spa and salon services and a bistro for residents to meet with visitors. In La Grange Park, Illinois, The Grove of La Grange Park provides advanced post-hospital care with services such as escorted transportation to medical ap - pointments and visits home. Walker & Dunlop is a pro - vider of capital to the U.S. multifamily market and is ranked the 5th largest HUD lender1. In 2020 alone, the firm originated nearly $600 million of seniors housing, skilled nursing, and health - care transactions through various capital sources. MAREJ

BETHESDA, MD — Walk- er &Dunlop, Inc. announced that it structured $55.68 mil - lion in financing for three skilled nursing facilities in the Chicago, Illinois area: Chalet Living & Rehab Center, The Grove of Evanston, and The Grove of La Grange Park. Senior managing director Joshua Rosen led the origi - nation team at Walker & Dunlop in securing significant debt coverage savings for the property owner and long- time client. The team utilized their deep understanding of U.S. Department of Housing and Urban Development’s (HUD) loan programs to ap - ply the Section 232/223(a)(7) Refinance option to each prop - erty’s existing HUD loans. The permanent loans also feature terms of 27 years and attrac - tive fixed rates. “This three-pack transac - tion is an excellent example of Walker & Dunlop’s ability to provide new opportunities for skilled nursing facilities amid a global pandemic,” said Rosen. “Our team’s substan -


growth. The flexibility of the Standby Guaranty Facility enables Enterprise to provide guarantees at the developer, project, or fund level. The remaining $10 million from Schusterman will provide growth capital and advisory services designed to support BIPOC developers as they grow their operations and real estate portfolios and create impact in their communities. “For centuries, Black entre - preneurs have lacked access to the capital we all need to be able to start and build business - es, and even when that capital was available, it was frequently overpriced. We are pleased to support Enterprise Commu - nity Partners’ national effort to provide financing to developers of color so they can build their businesses while creating more affordable housing for the many families in need,” said Stacy Schusterman , chair, Charles and Lynn Schusterman Family Philanthropies. “We believe that through efforts to develop new community development finance models, all developers can be afforded equitable access to capital and the nation’s sup - ply of affordable housing can expand in the process.” ”We are excited about the opportunity to support Enter - prise’s Equitable Path For - ward. CIGP’s intent is to enable intermediaries to ap - proach community financing more innovatively and equi - tably,” said Sarah Stremlau , president of LOCUS Impact Investing , which manages CIGP. “Through this proj - ect, we hope Enterprise and the other standby guarantee

facility’s investors will help BIPOC and other historically marginalized developers build wealth and gain access to the development opportunities they justly deserve.” “For too long, developers of color – despite credibility and community knowledge -- have been unable to access the kind of capital that helps them grow their businesses and invest in their neighborhoods. Equitable Path Forward, and specifically the Standby Guaranty Facility, allows Enterprise to address the speed bumps they may face working with traditional lenders and investors,” said Priscilla Almodovar , presi - dent and chief executive officer, Enterprise. “With partners like Schusterman and the Com - munity Investment Guaran - tee Pool, we are beginning to change the finance system to advance racial equity.” Equitable Path Forward Equitable Path Forward is a five-year, $3.5 billion nation - wide initiative to help disman - tle the deeply-rooted legacy of racism in housing – from the types of homes that are built, where they’re built, who builds them, and the wealth that is generated from them. The mul - tipronged initiative establishes an equitable path forward for Black, Indigenous, and People of Color and other historically marginalized housing provid - ers by filling the gaping capital gap from decades of systemic racism, strengthening provid - ers through advisory services and other nonfinancial support and creating new career path - ways to diversify leadership in real estate. MAREJ


Enterprise Community P a r t n e r s (Enterprise) announced a $20 mi l l ion commitment from Charles and Lynn S c hu s t e r - man Family

Stacy Schusterman

Philanthropies (Schuster- man) , along with $5 million from the Community In- vestment Guarantee Pool (CIGP) , toward Equitable Path Forward, Enterprise’s five- year, $3.5 billion nationwide initiative to invest in Black, Indigenous, and People of Color (BIPOC) and other historically marginalized housing provid - ers. CIGP’s $5 million second- loss guarantee support and $10 million in third-loss sup - port from Schusterman will back a first-of-its kind Standby Guaranty Facility, a credit enhancement tool that helps unlock access to capital for BI - POC developers whose balance sheets do not meet traditional investor requirements. It is part of Enterprise’s work to push the community develop - ment finance system to make intentional changes to their risk models to level the play - ing field for developers of color. The Standby Guaranty Facil - ity will eliminate the need for developers to secure a third- party co-guarantor, which can reduce their profit potential and further perpetuate barriers to BIPOC developers’ business RICHMOND, VA — Phil- lips Realty Capital repre- sented Thalhimer Realty Partners on its recent refi - nancing of The Overlook at City View from Alliant Credit Union. Alliant Credit Union an - nounced the closing of a $23.4 million loan to refinance a recently constructed, class A, mixed-use property contain - ing 128-unit residential units and 8,000 s/f of retail located in Richmond. The sponsors, Thalhimer Realty Partners, manage several properties in the immediate area and main - tain over 10,000 units in their portfolio. The property was completed and stabilized in 2020 and features a clubhouse,

Cushman & Wakefield inks $61M sale of Crossways Commerce Ctr.

Crossways Commerce Center I & II

Jersey acquired the asset on May 27, 2021, for $61.05 million($116/s/f). The sale was completed by Eric Berkman in Cushman & Wakefield’s Washington, DC office as well as Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group. Cushman & Wakefield | Thalhimer is pleased to an - nounce the sale of 1215 Saint Julian Ave. in Norfolk, Vir - ginia. Macsons Demolition &Envi - ronmental Services purchased 1215 Saint Julian Ave. in Norfolk, the 27,175 s/f indus - trial building, situated on 5.51 acres, from SRC Associates, LC for $1.4 million as their new regional facility. William C. Throne, CSC- MP, CCIM, SIOR and Geoff Poston, CCIM, SIOR of Cush - man &Wakefield | Thalhimer handled the sale negotiations on behalf of the seller. MAREJ

CHESAPEAKE, VA — Cushman & Wakefield | Thalhimer completed the following recent transac- tions: Cushman & Wakefield | Thalhimer’s Capital Mar- kets Group has represented the seller, DSC Partners , in the sale of Crossways Com - merce Center I & II, a three- building, 525,082 s/f indus - trial/flex portfolio, situated in a 30-acre business park, located at 1545 Crossways Boulevard, 1449 Kristina Way and 1501 Crossways Boule - vard in Chesapeake, Virginia. Crossways Commerce Center I & II is 100% leased to a di - verse mix of tenants, including General Dynamics and Fiserv (fka First Data Resources), along with Sentara Health - care, Safelite Fulfillment, Inc., Mid-Atlantic Engineering, and Regus. A family office out of New

PRC facilitates $23.4M refi. of class A apartments in Richmond, VA

eclectic neighborhood is full of restaurants, small business, and a variety of entertainment making it one of the most de - sirable locations in the city. “Alliant is excited to work with such accomplished and professional borrowers like the Thalhimer team.” said Yonah Sturmwind commer- cial loan specialist originator at Alliant Credit Union. “We are proud to be part of the revitalization and growth of the Manchester part of Rich - mond. Alliant would like to thank Charles DuBose and Harmon Handorf of Phillips Realty Capital for collaborat - ing with us to execute on this loan on behalf of their long- standing client.” MAREJ

The Overlook at City View fitness center, sky-lounge, pool, and class A unit finishes. The tailored loan features a longer term with an interest- only period, step-down in inter - est rate, earnout provision, and flexible exit options. Richmond’s Manchester sub - market has experienced strong population growth due its loca - tion just across the river from downtown Richmond. The

M id A tlantic Real Estate Journal — Creative Financing — June 18 - July 22, 2021 — 7A


C reative F inancing

2ndphase of a student apt. complex located just off of thePennState-Abington satellite campus Rittenhouse Capital Advisors secures $23.25 Million construction loan

P HILADELPHIA, PA — Rittenhouse Capi- tal Advisors sourced a construction loan for the

product which will no doubt be highly successful given the quality of the product that College Town delivers combined with the expected growing demand for a Penn State education.” Rittenhouse Capital Advi - sors is a debt and equity firm based in Philadelphia, PA. Our Underwriting & Lending Expertise covers the full range of commercial real estate as - sets, including but not limited to: multifamily, student hous - ing, industrial, retail, and healthcare throughout the United States. MAREJ

Grove Mall and the Septa Train Station, make this an extremely attractive location for a student housing facility. George Johnson, President & CEO of Rittenhouse Capi - tal Advisors stated, “We are very happy to be able to work on such a fine project and deliver a financial package to our clients that will help them optimize their business plan for the asset.” “We are thrilled to be able to deliver the most competi - tive financing package for our client on this project. We’re excited to see the finished

2nd phas e of a student apa r tmen t complex lo - c a t ed j us t of f campus of the Penn State-Abing - ton satellite campus . A

George Johnson

regional bank provided 75% Loan-to-cost on a 3-year loan termwith interest rate pricing at WSJ Prime + 0.25%. RCA’s sourced the loan for their client College Town Com - munities. College Town Com - munities specializes in the development andmanagement of student apartment build - ings. Founded in 2002, the developer’s portfolio houses approximately 3,500 students. College Town Communities has locations at Penn State University, Lehigh Univer - sity, University of Delaware, University of Alabama, Ship - pensburg State, Kutztown State and Binghamton Uni - versity in New York. College Town Communities currently owns and operates College Station in Willow Grove, which houses 200 Penn State Abington Students. Penn State Abington, with roughly 4,000 students, is one of the fastest growing campuses in the Penn State system. The project build-out is projected to take 18-months which would result in comple - tion by June of 2022 and in time for delivery and lease-up for the fall semester of 2022. The project will comprise 4 c lusters cons i st ing o f 132-apartment units and of - fering a mix of 2BR, 2BA and 2BR 2.5BA layouts comprising a total of 264 beds. The apartment units will be fully furnished, including 55” wall mounted flat screen TVs. Rent will include all utili - ties, high speed internet and off street parking for every resident. Additional demand drivers will include a wide variety of amenities including a clubhouse with amenities and a fitness center, business center, café, media lounge, se - cure mail and package storage and a pool. In addition, the project’s proximity to the center of Willow Grove, the Willow

2nd phase of a student apartment complex located just off campus of the Penn State-Abington satellite campus

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8A — June 18 - July 22, 2021 — Creative Financing — Financial Digest — M id A tlantic Real Estate Journal


C reative F inancing


E Firm’s fifth loan in the Caribbean since the Pandemic KennedyFundingcloses$2.3M loan for mixed-use property

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more reluctant to fund overseas ventures, as they would rather pursue low-risk stateside de - velopment opportunities and avoid the potentially challeng - ing situations that may arise. As a result, foreign developers would be hard-pressed to find a U.S.-based traditional lender willing to take the risk. “To close a loan outside the U.S., you must have a knowl - edge of local laws, regulations, and requirements. Each Carib - bean nation has its own set of challenges,” adds Wolfer. “It’s rewarding when you can get another loan to the closing table.” Kennedy has closed over $3 billion in loans throughout the world, including Jamaica, The Bahamas, Brazil, Belize, Co - lombia, and Canada, to name a few. “We have consistently closed loans abroad for years, while other lenders flat-out say ‘no’ to these types of deals,” Wolfer said. “Through years of hands- on experience closing loans for all types of deals, we have shown time and again that we can help borrowers just like Atlantic Ocean Partners access the capital they need for lucrative opportunities around the world.” MAREJ

N G L E W O O D CLIFFS, NJ — An investment group in the Dominican Republic has turned to Kennedy Fund- ing to secure a loan for their beachfront property on the country’s northern coast. The Englewood Cliffs, New Jersey-based direct private lender closed a $2.3 million loan to Atlantic Ocean Part- ners, LLC , for a 60.48-acre tract on Playa Diamante, in the province of Maria Trinidad Sanchez. Loan proceeds will be used for debt payoff and working capital. “Atlantic Ocean Partners came to Kennedy because they know firsthand that we have the knowledge, experience, and track record to close the deal,” said Kevin Wolfer , CEO, Kennedy Funding. “We take great pride in knowing that our firm has garnered a worldwide reputation for closing loans when traditional lenders cannot.” The site on Playa Diamante is approved for a mixed-use resort and residential develop - ment; the property is zoned for agricultural, residential, and touristic use. The borrower had purchased the property outright for $4.945 million in

Representative photo 2008. According to Wolfer, while the COVID-19 pandemic has slowed international tourism, the Dominican Republic will experience a resurgence in vacationers from all over the globe as virus transmission slows and when travel restric - tions loosen. However, even with such uncertain circum - stances, Kennedy Funding’s familiarity with the economic landscape of the Dominican Republic allowed them to say “yes” to Atlantic Ocean Part - ners’ loan request. Playa Diamante is in a se - cluded, undeveloped area; the beach is well-known for white, sandy shores and warmwater. It is easily accessible by bus and by vehicle via Rte.5, a main thoroughfare on the Do - minican Republic’s northern coast. “Tourism will come bouncing back after the COVID-19 pan - demic ends,” Wolfer said. Wolfer noted that banks and other conventional lenders are

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M id A tlantic Real Estate Journal — June 18 - July 22, 2021 — 9A


Campus includes LEED Gold Certified 250,000 s/f building Digital Fortress unveils its Tier III 100MW, 88-Acre Data Center Campus in Chesterfield County, VA


H E S T E R F I E L D COUNTY, VA — Digi- tal Fortress a multi-

tenant and w h o l e s a l e data center provider with 10 facilities throughout the US, an - nounces the immed i a t e availability

Jim Holland

of hyperscale-ready space in its Chesterfield County data center. The LEED Gold Certified facility is the company’s latest Tier III data center facility, featuring a 250,000 s/f build - ing located in the network convergence capital of the US. The facility features day one availability of 18,270 s/f raised floor hot/cold aisle design data center space with 4.1 MW of IT load, with an additional 200,000 s/f shell core expansion ARLINGTON COUNTY, VA — JBG SMITH , an owner and developer of high-quality, mixed-use properties in the Washington, DC market, an - nounced the receipt of final entitlement approvals for 2000 and 2001 South Bell St. in Na - tional Landing. JBG SMITH began demolition and other enabling work on the vacant building currently on the site earlier this year and will be fully designed and ready to begin construction as soon as the beginning of 2022, subject to market conditions. JBG SMITH’s 5.0 million s/f Near-Term Development Pipeline includes the most accretive and strategic devel - opment opportunities in its growth pipeline. As a result of the 2000 and 2001 South Bell St. approvals, JBGSMITHhas secured entitlements for 50% of its Near-TermDevelopment Pipeline. The approved plan calls for 758 apartments across two buildings with more than

Digital Fortress Richmond Data Center

space supporting up to 25 MW of power, deployable in just twenty-weeks. Recently acquired adjacent land inMeadowville Technology Park supports multiple purpose- built data centers totaling up to 100 MW of power available on site, enabling ongoing scal - ability and growth. “Digital Fortress offers busi -

nesses the opportunity to sup - port their digital and compute infrastructure needs with an impressive and ready-to-go facility including class A office space supporting up to 120 em - ployees,” adds Jim Holland, Chairman of the Chesterfield County Board of Supervisors. “We welcome Digital Fortress and look forward to the positive

impact to our growing data center services market and opportunities for businesses

to access industry-leading services to aid in their digital transformation.” MAREJ

JBG SMITH receives Arlington County, VA approval for two residential buildings in National Landing

has committed to providing affordable housing units at less than 60% of area median income. JBG SMITH will also make a $3.36 million base contribution to the Arlington County Affordable Housing Investment Fund. The proposed buildings are located within the heart of National Landing, just one block from vibrant, new din - ing and retail amenities along Crystal Dr., the current Metro entrance, a planned new re - gional rail (VRE) station, and an upcoming pedestrian bridge to Reagan National Airport. 2000 and 2001 South Bell St. are expected to benefit from the planned lowering of Route 1 between 15th and 23rd Sts. This portion of the roadway, which is located immediately adjacent to the developments, is expected to feature a pedestrian-friendly design with large sidewalks intended to improve and pro - mote walkability within the submarket. MAREJ

for 2000 and 2001 South Bell St. from the Arlington County Board; The Board’s support further validates our shared vision for a transformed Na - tional Landing,” said Bryan Moll , executive vice president of JBG SMITH. “The develop - ment will add to the supply of residential units in the area as Virginia Tech expands its Innovation Campus, and Ama - zon continues to expand HQ2. We expect these additional apartments and new ground floor retail options to further establish National Landing as a 24/7 destination.” As part of a community benefits package, JBG SMITH 2001 South Bell St. rendering

2000 and 2001 South Bell St. aerial

Washingtonmonuments. 2001 South Bell St. will also include stylish rooftop amenity spaces and pool. Plans for both build - ings include fitness centers, 24-hour concierges, large co- working spaces, community rooms, and dog-grooming sta - tions. JBG SMITH is targeting a LEED Gold Certification for both buildings. “We are thrilled to have received unanimous approval

22,000 s/f of ground floor re - tail, totaling approximately 723,000 s/f of new develop - ment. The plans include a 25-story building with 338 units and a 19-story building with 420 units. 2000 South Bel l St . is planned to be a modern, glass tower with a robust roof - top amenity space, includ - ing a pool with panoramic views of National Landing and

10A — June 18 - July 22, 2021 — DelMarVa — M id A tlantic Real Estate Journal


D el M ar V a New hire brings +30 years of heavy civil construction experience and leadership to the firm William A. Hazel, Inc. names John Roddy new CEO

HANTILLY, VA — William A. Hazel , Inc., (WAH) one of Northern Virginia’s leading C

ing on nationally-recognized projects such as the Capital Beltway HOT lanes and the runway expansion at Dulles International Airport. Roddy, most recently the vice presi - dent of Operations for Ohio- based Head, Inc. began his tenure with the company on March 30, 2021. “I don’t think we could have chosen a better leader to con - tinue our company’s excellent work and to help expand our reach in the Region,” said David Hazel , who is leav - ing the company after three decades. “John brings more

than 30 years of heavy civil construction experience and leadership to the firm.” “John is recognized for the energy and commitment that he brings to his work. We believe the company will benefit from adding out - side experience, new and different perspectives and dynamic leadership as we continue to expand in the 21st century,” said Chairman of the Board William A. “Bill” Hazel Jr. , whose father and uncle incorporated the com - pany in 1964. WAH is recognized region-

wide for its unique, turnkey approach that maintains con - trol of the entire site develop - ment process. The company’s projects span the Northern Virginia region and across Virginia. The Hazel company name has, and continues to, label construction sites region-wide from Potomac Shores in east - ern Prince William County to Willowsford, Stone Ridge and Lansdowne in Loudoun County and Franklin Farms, South Lakes and Fair Lakes Shopping Center in Fairfax County.

WAH popularized the con - cept of “total site develop - ment,” with the idea that if you want something done right for your client, you do it yourself. For over 50 years, the company has created a legacy of success, dedication and commitment to the com - munities in which it works. Its long list of repeat clients is a testament to the benefits of its turnkey site development concept. MAREJ Meridian Group announces Boro Tower attracts Williams Mullen & Hanwha Defense

site develop - ment com - p an i e s , i s announce d that John Roddy has j o i ned the company as chief execu - tive officer.

John Roddy

Roddy is no stranger to Northern Virginia, having spent more than 30 years with Lane Construction work -

Boro Tower

TYSONS, VA — TheMerid- ian Group and Rockefeller Group announced that Wil - liams Mullen and Hanwha Defense International are open - ing offices at Boro Tower, the premier trophy office tower at 8350 Broad St. in Tysons. Williams Mullen, a pres - tigious full-service law firm, will lease 14,950 s/f starting in September. Hanwha, a global leader in defense solutions, will lease 2,768 s/f. “We are proud to announce that another outstanding law firm and market-leading com - pany are moving to Boro Tow - er,” said Katie Yanushonis , senior vice president of The Meridian Group. “As the world emerges from the pandemic, it’s exhilarating to see exceptional firms like Williams Mullen and Hanwha joining other suc - cessful companies here at this premier location.” Williams Mullen is relocating from a nearby office building in Tysons. It will occupy part of the Tower’s 16th floor. Meridian and Rockefeller Group co-developed the Gensler - designed, 440,000 s/f trophy of - fice tower. The trophy building is now 80% leased. MAREJ

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