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
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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
Marlow
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
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