Capital One Bank Closes $90M Construction Loan in Washington, D.C.

Capital One Bank announced that it has closed a $90 million construction loan for Grosvenor Americas’ mixed-use project in the Capitol Riverfront District; and Granite Investment sold senior housing properties for $23.4 million.

McLean, Va.—Capital One Bank announced that it has closed a $90 million construction loan for Grosvenor Americas’ mixed-use project combining 325 Class A apartments in the Capitol Riverfront District in Washington, D.C., adjacent to Nationals Park baseball stadium. Capital One plans to hold $50 million of the loan and is syndicating $20 million each to United Bank and TD Bank. Sadhvi Subramanian and Brian Gormley, senior vice president in Capital One Commercial Real Estate’s Washington, D.C., office, originated the transaction. Subramanian is responsible for Capital One’s commercial real estate activities in the region, including construction loans, term loans and lines of credit.

Dubbed F1RST for its prime location on 1st Street, the community will total 300,000 square feet. The 13-story apartment building will offer below-grade parking and 32,000 square feet of amenities, including a rooftop swimming pool and resort-style hot tub, multiple rooftop seating areas, and outdoor kitchens, a fitness center, lounge, a courtyard garden, pet spa and concierge services. The project also includes more than 22,000 NRSF of retail space, and the borrowers have executed retail leases with Taylor Gourmet and Chop’t. In addition, 170-room Residence Inn by Marriott will be located on the property.

F1RST is located two blocks from the Navy Yard Metro Station and bus stops, within walking distance of a Harris Teeter grocery story and the future site of a Whole Foods, as well as a growing number of boutique restaurants and breweries.

Granite Investment sells senior housing properties for $23.4M

Austin, Texas—Granite Investment Group announced that, through an affiliate, the company has sold two senior housing properties near Austin, Texas, for $23.4 million.

The sale included Park Place Care Center and Assisted Living, a senior care campus comprised of a 116-bed skilled nursing facility and a 48-bed assisted living facility in Georgetown. Built in 1997 on nearly 7 acres of land, Park Place offers 24-hour skilled nursing care, short- and long-term rehabilitation, well-appointed common areas, private and semi-private rooms, activity directors, spiritual care and an order-by-menu dining program. An affiliate of Granite Investment Group originally purchased the property in 2007 for approximately $9.2 million.

The second property in the transaction is Pflugerville Care Center, a 111-bed skilled nursing facility built in 1991 on approximately 3.2 acres of land. The facility provides residents with short- and long-term rehabilitation care, two therapy gyms and gardens, tracheotomy, intravenous care and wound care. The center also offers a spiritual care program with an on-site chaplain and an order-by-menu dining program. An affiliate of Granite Investment Group originally purchased the property in 2005 for approximately $9.1 million.

Mark Myers and Joshua Jandris of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.