Mid Atlantic Real Estate Journal — September 13 - 26, 2013 — A


Kohlhoss of the DC office and Ferrell of the Baltimore office orchestrate transactions NorthMarq arranges $5.82 million mortgage for an industrial facility & 66-unit multifamly


ermantown, MD — Matthew Kohl- hoss , vice president of

NorthMarq’s Washington, DC regional office, arranged first mortgage refinancing of $3.32 million for Churchill Business Center located at 13210-13220 Wisteria Dr. in Germantown. The property is an attractive, well maintained, 100% leased, 39,917 s/f industrial facility in very good location. Selvadurai Palanivelu, Autobody Connec- tion and Sherwin Williams are major tenants at the site. Financing was based on a 25- year term and a 20-year amor- tization schedule. NorthMarq arranged this financing for the borrower through its relation- ship with a correspondent life company lender. “The lender’s ability to pro- vide long-term fixed-rate fi- Washington, DC —The principals of R ock Creek Property Group announced that they have sold 1438 U Street, NW, a two-story build- ing in the white-hot 14th and U Street corridor of Wash- ington, DC. The property was sold to the Republic of India for $5,750,000, or $467 psf, based on the total build- ing size of 12,325 s/f, which includes two stories plus a small lower level. Rock Creek first acquired the property in December 2010. “The property’s location and special attributes are without equal in this corridor,” said Rock Creek’s Gary Schlager , one of the firm’s principals. “Large, efficient floors sizes, exposed brick, and 10-20 foot ceilings are rare and really differentiated this opportu- nity in the market. We are just thrilled to see the property find the perfect fit in its new owner, the Republic of India, who will invest the requisite capital for its own use and to the benefit of the surrounding, growing community.” 1438 U Street, NW was

Churchill Business Center

Townhomes at River’s Crossing

nancing at an attractive rate won this business,” Kohlhoss said. In a second transaction, Nancy Ferrell , senior vice

president and managing direc- tor of NorthMarq’s Baltimore regional office, arranged first mortgage refinancing of $2.5 million for Townhomes at Riv-

er’s Crossing, a 66-unit, mar- ket rate multifamily property located in Essex, Baltimore County. Financing was based on a 10-year term and a 30-

year amortization schedule and was arranged for the borrower by NorthMarq through its rela- tionship with a correspondent life company lender. n

Rock Creek Property Group sells 1438 U Street, NW for $5.75 million in DC

DelShah Capital completes sale of $3.6 million condo

2523 13th Street NW

Washington, DC — DelShah Capital, LLC , a full-service real estate debt acquisition, development and management company, an- nounced it has completed the sale of 2523 13th Street NW in Washington, D.C. to Aria Investment Group for $3.6 million. Located between the historic U Street Corridor and Colum- bia Heights, the condominium building includes 23 units and 11,210 square feet of rentable space. The property has been substantially renovated and includes a new lobby, laundry facility and bike room. All units feature hardwood floors

throughout, as well as a chef ’s kitchen with granite counters, dishwasher and stainless steel appliances. The Greysteel Company in Bethesda, MD represented DelShah. Aria Investment Group represented itself in the transaction. “It was satisfying to take the deal all the way from acquisi- tion of the non performing debt to fully repositioning the underlying asset, and then selling at a favorable price,” said Michael Shah , principal of DelShah Capital. “Wash- ington D.C. is a great market, but we are focused on our local holdings in New York.” n

1438 U Street, NW

acquired on behalf of Rock Creek’s Opportunity Fund, which has acquired seven as- sets in the District of Colum- bia and in strategic locations in Virginia and Maryland. Recent Rock Creek acquisi- tions have included 810 5th

Street, NW in the heart of Gallery Place/Chinatown, the 88-unit Takoma Flats just off GeorgiaAvenue, NWand 1100 16th Street, NW, a newly de- veloped single-user headquar- ters building located just steps from the White House. n

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