This Week's D.C. Deal Sheet
An affiliate of the Conservative Partnership Institute added to a series of property acquisitions this week as it reportedly assembles a "Patriot's Row" on Capitol Hill.
The group, run by political actors linked to former President Donald Trump including ex-Chief of Staff Mark Meadows and former Sen. Jim DeMint, acquired its 10th D.C. property this week: a former townhouse with ground-floor retail occupied by MyEyeDr at 233 Pennsylvania Ave. SE.
The group acquired the property from an affiliate of Katz & Company Property Management for $8.2M, property records show.
Other recent purchases include four additional properties on the same stretch of Pennsylvania Avenue, plus four more nearby properties on Third Street SE and C Street SE, Grid reported. CPI aims to rent office space near the Capitol to conservative groups and create a hub it is calling "Patriot's Row," according to documents Grid obtained.
The group also reportedly bought a 2,200-acre campus near Cambridge, Maryland, for $7M, according to Grid.
BANKRUPTCIES
The owner of a 1970s-era office building at 4710 Auth Place in Suitland has filed for bankruptcy, the Washington Business Journal reported. The 78K SF property is owned by Beltway Plaza Investment LLC, which acquired it in 2015 with $2M of credit from The Freedom Bank of Virginia. The owner faced a foreclosure lawsuit from the bank filed in November, and after multiple loan modifications it now owes $5.7M.
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Just two months after the Holiday Inn Express in Mount Vernon Triangle opened, its owner filed for Chapter 11 bankruptcy, the Washington Business Journal reported. The owner, an affiliate of Habte Sequar, listed its creditor as an affiliate of Stonehill Strategic Capital, which reportedly provided a $57M construction loan for the project in 2019. The developer began construction on the hotel, located at 317 K St., in 2019.
FINANCING
Aimco and Fivesquares Development secured $94M in construction financing from EagleBank to start development of Strathmore Square, the lender announced Friday. The first phase of the project features two apartment properties on a shared podium with 220 apartments and just under 9K SF of retail and cultural offerings.
The North Bethesda project is adjacent to the Strathmore Music Center and Rock Creek Park at the intersection of Rockville Pike and the Capital Beltway. It's also adjacent to the Grosvenor-Strathmore Metro station and is being developed in partnership with WMATA. In December, Amazon committed to $24M to fund 122 affordable housing units at Strathmore Square.
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Wesley Housing has secured $5.6M from the Fairfax County Redevelopment and Housing Authority for a new permanent supportive housing center, the nonprofit developer announced Friday. The planned 54-unit property will replace the Hy-Way Motel at 9640 Fairfax Blvd. with a five-story development.
The units will be affordable for those making below 30% of the area median income, and the property will also feature a ground-floor employment center. Wesley Housing is also pursuing 9% Low-Income Housing Tax Credits for the site, named the Wesley-Lamb Center Permanent Supportive Housing Community.
MILESTONES
Skanska’s OZMA multifamily development has topped out, the developer announced Wednesday. Located at 44 M St. NE, the 12-story development is slated to feature 275 residential units and nearly 8K SF of retail space marketed by Papadopoulos Properties. The property, one of the largest residential projects in NoMa, is also designed with nearly 18K SF of amenity space, including a secret garden and library lounge. The property is scheduled to deliver in 2024.
LEASES
James Beard-finalist Peter Chang is opening his next restaurant in National Landing, DCist reported. The restaurateur, who was a famous chef in China before moving to the D.C. area in the early 2000s and becoming famous all over again, is importing his NiHao concept from Baltimore to JBG Smith's 1550 Crystal Drive. Chang's restaurant will take up just under 3K SF and joins tenants Alamo Drafthouse Cinema and bakery Mah-Ze-Dahr. Chang expects to open NiHao Arlington later this year or early next year.
PERSONNEL
Winmar Advisory has hired a former Wawa exec to bring retail advisory experience to its growing team. Tom Boyer joins the firm as vice president of development after serving as a regional real estate manager for Wawa, the Washington Business Journal reported. In his former role, he focused on opening locations in Northern Virginia.
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Monday Properties hired the former CEO of electric vehicle charging station provider Juice Bar as its new executive vice president of business strategy, the firm announced Wednesday. Paul Vosper previously arranged the privately financed deal to acquire Juice Bar in 2018 and expand its reach in the U.S. and Canada. At Monday, Vosper will join the firm's investment committee to advise on real estate strategies. Prior to the Juice Bar deal, Vosper was an executive vice president at PIMCO and co-head and chief operating officer of Morgan Stanley Alternative Investment Partners Real Estate, according to his LinkedIn profile.
