Washington, D.C.—Cassidy Turley announced that it secured a $73.6 million construction loan for Fort Totten Square, a future mixed-use project comprised of 345 residential units and a Walmart, as well as additional street-level retail. The loan was provided by Bank of America as the Administrative Agent and SunTrust. In their fourth construction financing to close this year, Cassidy Turley’s David Webb, vice chairman, and Jamie Butler, vice president, secured the financing on behalf of Fort Totten North LLC, a joint-venture between affiliates of The JBG Companies, JBG Rosenfeld Retail and Lowe Enterprises.
Fort Totten Square will feature an array of retail amenities which include a 120,000 square foot urban-format Walmart with a full-service grocery and 10,000 square feet of street-level retail located at the intersection of Riggs Road and South Dakota Avenue, NE. This will bring convenience to the residents of the historic Fort Totten neighborhood who currently travel to neighboring Maryland for the closest grocer and other retail offerings.
Additional amenities include two landscaped courtyards equipped with grilling stations, fire pits and lounge areas, a two-tiered resort style pool, fitness center, concierge service, club-room with a full-service kitchen, ample bike storage and maintenance workshop on-site. Residents will have access to the nearby Fort Totten Metro station serviced by the Red, Green and Yellow lines. The lobby will have real-time transit displays to keep residents updated on train and bus arrivals as well as the availability of bike share bikes on premises and at the Metro station.
The Hickok Cole designed building is being built by the Clark Builders Group and will deliver in early 2015.
Marcus & Millichap completes sale of Austin, Texas, property
Austin, Texas—Marcus & Millichap Real Estate Investment Services has arranged the sale of Austin Commons, a 240-unit apartment complex in north central Austin, Texas. The terms of the sale were not disclosed.
Joe James and Kent Myers, senior associates in Marcus & Millichap’s Austin office, represented the seller, a California-based partnership. The buyer is a California-based investor.
“Investor demand for apartments in Austin remains high as the city holds its position as a job creation leader,” says James. “Austin Commons received a great deal of interest from a variety of investors, including REITs and out-of-state private buyers.”
“The property is well positioned to provide the new owner with excellent value appreciation, future rent growth and long-term stability,” adds Myers. “Austin’s thriving high-tech sector, along with its expanding healthcare industry and swelling development pipeline, all point to another strong year for renter-household formation.”
The property is located at 1630 Rutland Drive near Texas State Highway Loop 1 and the U.S. Highway 183/Interstate 35 interchange.
Austin Commons was built in 1971 on 12.4 acres. The unit mix ranges from 595-square foot one-bedroom/one bath units to 1,041-square foot three-bedroom/two-bath units. Shared amenities include controlled-entry access gates, two swimming pools, clubhouse, business center, fitness center, picnic areas and on-site laundry facilities.