www.marejournal.com Mid Atlantic Real Estate Journal — Section B O wners , D evelopers & M anagers F eaturing H ealth C are & P roperty M anagement 295-unit luxury apartment building Washington Property Co. closes $75m permanent loan for Solaire Metro, Silver Spring, MD

ilver Spring, MD —­ Washington Property Company (WPC) has ob- tained permanent financing for its 295-unit luxury apartment building Solaire-Metro in Sil- ver Spring. ING Investment Management LLC provided a $75 million 20-year loan for the property at 1150 Ripley St., which is now 95 percent leased. Walker & Dunlop and Sage Capital represented WPC in the transaction. “Just 16 months after com- pleting our first apartment tow- S HI-LIGHTS Sept. 27 - Oct. 10, 2013

Solaire-Metro in Silver Spring

RICHMOND, VA Mar- cus & Millichap , one of the nation’s largest real estate investment services firms, announced the sale of Bak- er Atrium Lofts, a 31-unit apartment property located in Richmond. Bryn Merrey , the regional manager of the firm’s Washington D.C. office, disclosed that the asset sold for $3.5 million, making the transaction one of the highest price per unit sales to date for the City of Richmond. Inves tment spec ial i s t , Christopher Chadwick , of the firm’s Washington D.C. office, represented a local pri- vate investor and exclusively listed the property to market. er in downtown Silver Spring, we have leased 95 percent of the building and obtained $75 million in permanent financ- ing,” said Charles K. Nulsen, III , president, Washington Property Company. “Solaire is simply the most Metro-centric address in Silver Spring. From Solaire’s front door, residents enjoy a three-minute traffic- free walk to the Metro platform. From the station, it’s just a 15 minute ride to employment cen-

ters in NoMa and Capitol Hill in downtown Washington.” Just four months ago, WPC announced plans to expand its footprint in Silver Spring’s rapidly transforming Ripley District with its acquisition of three contiguous develop- able land parcels from Bethel World Outreach Ministries International. The company is currently evaluating differ- ent uses for the site including hotel, office, and/or residential

development. In addition, WPC has been selected by Montgomery Coun- ty to redevelop the Shepherd’s Table/Progress Place parcel just south of Solaire-Metro. This project, still in the early planning phases, would provide a new, expanded facility offer- ing services to Silver Spring’s low-income and homeless popu- lation along with a second So- laire-Metro residential tower to include approximately 380

luxury apartments. WPC, in partnership with Montgomery County, is leading the Ripley District’s transfor- mation. “We look forward to work- ing with Montgomery County to continue our investment in thesuccessful revitalization of the Ripley District, which could eventually be home to up to 3,000 people with over two million s/f of development,” Nulsen said. n Chadwick also secured an out-of-state limited liability company as the buyer. Pay- ton Banks acted as Broker of Record for the transaction. Baker Atrium Lofts is lo- cated at 1714 Summit Av- enue in the Scott’s Addition neighborhood of Richmond, Virginia. In 2007, the historic building, formerly home to the Baker Equipment Company, was converted to apartments, making it one of the first historic conversions in Scott’s Addition. The property offers a favor- able unit mix of one, two, and three bedroom lofts. At time of sale, the property was 96% occupancied. n

Health care Facilities & Property Mgmt.


Marcus & Millichap arranges sale of a 31-unit apt. building totaling $3.5 million in Richmond, VA

UIP completes $7.5m green roof, roof deck, & energy- saving renovation

www.marejournal.com ALSO Health Care.................8-10B Green Buildings........11-21B USGBC NJ........................21B IREM...........................22-23B NJAA................................24B 11B

Atrium Lofts

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