O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
A S H I NG T ON , DC — UIP (Ur- ban Investment Katz of Meridian Capital represents Capital One & Fannie Mae in placement of the debt UIP closes on Onyx on First apartments in Washington, DC for $95.5 million W After hearing presentations from interested developers, the tenants assigned their acquisition right to UIP.
the fee and leasehold, selling the fee to Safety, Income & Growth Inc. , a company focused on long-term ground leases, and entering into a 99-year flexible ground lease. Located two blocks from Washington Nationals Park at 1100 First Street, SE, just steps from the Navy Yard Metro station, Onyx on First was built in 2008 by Faison Development as condomini- ums, but was converted to rental apartments upon deliv- ery, then sold in 2013. The f ormer ownership brought the property to mar- ket in 2016, with plans to sell in the fourth quarter of that year. Upon being notified of the impending sale, the build- ing’s tenants organized under the District’s Tenant Opportu- nity to Purchase Act (TOPA).
HI-LIGHTS F eb . 23 - M arch 15, 2018 UIP partnered with Ata- laya Capital Management of NYC on the acquisition. Concurrently with the closing, UIP and Atalaya bifurcated Partners) has closed on Onyx on First, a 266-unit, class A apartment building locat- ed in the Capitol Riverfront neighborhood of Washington, DC for $95.5 million. This is UIP’s largest ever single- asset transaction and its first of 2018.
Under the new agreement, UIP has committed to install- ing cell phone repeaters in the building to improve cell phone reception. UIP also will ex- pand and improve the outdoor kitchens on the building’s roof deck, install dog runs, and undertake a variety of other building enhancements. Andy Weiss of Gem Eq- uity structured the placement of the ground lease. Jacob Katz of Meridian Capital represented Capital One and Fannie Mae in placement of the debt. The UIP family of companies owns and manages more than 2,800 apartments inWashing- ton, DC and Maryland. n muter-friendly lifestyle, The Harper is comprised of three mid-rise residential buildings ideally situated just off Route 3 and less than three miles from the Lincoln Tunnel. “This is one of the most unique locations in the region as it is nestled next to a pictur- esque nature reserve, yet also offers unparalleled access to a multitude of shops, restau- rants, entertainment venues and public transportation,” says Gus Milano, President and COO of Hartz Mountain Industries. “We’re delighted to now introduce a modern residential offering to the mix which will place residents in the heart of a lively address that comprises all of the ele- ments desired for a vibrant and convenient lifestyle expe- rience.” The Harper is tucked into the northeastern corner of the vibrant, 3.5 million s/f Harmon Meadow complex which fea- tures nearly 30 restaurants, a state-of-the-art movie theatre, on-site convention center, nine hotels and abundance of brand name shopping and services. n
1100 First Street, SE
HartzMountain Industries opens TheHarper at Harmon Meadow rental community
5-16B
Environmental/ Green Buildings
SECAUCUS, NJ — Secau- cus, NJ’s Harmon Meadow took another step towards cementing its status as Hud- son County’s premier live, work, play destination with the launch of The Harper at Harmon Meadow, a new luxury rental community ris- ing within this well-known shopping, dining and enter- tainment complex. Pr inc ipal s f rom Hartz Mountain Industries re- cently welcomed Secaucus Mayor Michael Gonnelli and fellowmunicipal officials to cel- ebrate the grand opening of the upscale 469-home community. The Harper features oversized studio, one- and two-bedroom apartments, as well as a full suite of resort-inspired indoor and outdoor amenities. Leasing for The Harper has commenced from an on-site leasing center with fully-fur- nished model apartments and completed amenities. Homes are currently priced from $1,780 a month and are avail- able for immediate occupancy. Designed to provide resi- dents with a vibrant, com-
Harkins president Garofalo succeeds Lombardo as CEO
Shown from right: Gus Milano, president and COO of Hartz Mountain Industries; Edward Stern, president and COO of The Hartz Group; James Clancy, Secaucus councilperson; Leonard Stern, chairman and CEO of The Hartz Group, Inc.; Ezra Stern, The Hartz Group; Michael Gonnelli, Mayor of Secaucus and Secaucus councilpersons John Gerbasio, Robert Costantino and Orietta Tringali cut ceremonial ribbon to open The Harper at Harmon Meadow.
Gary Garofalo
24B
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