Jon Banister
Deputy East Coast Editor at Bisnow
Deputy East Coast Editor @Bisnow based in D.C. Our daily newsletters: https://t.co/gmvv5z1guO | Boston native | UMD '16
Articles
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1 week ago |
bisnow.com | Jon Banister
The Canadian pension fund that acquired D.C. megaproject The Wharf has secured a $1B loan from a trio of big banks to refinance the property's debt. Wells Fargo, Morgan Stanley and Goldman Sachs originated the five-year, fixed-rate loan to owner PSP Investments, according to a Fitch Ratings report. PSP is ponying up nearly $60M in equity to close the deal to refinance the megaproject's existing mortgage.
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2 weeks ago |
bisnow.com | Jon Banister
The Portals complex in Southwest D.C. will soon have two apartment buildings under construction. Henderson Park and Lowe obtained a $180M construction loan from Deutsche Bank to convert the Portals I office building at 1250 Maryland Ave. SW to 428 apartments over 53K SF of retail, the developers announced Thursday. A rendering of the office-to-residential conversion at 1250 Maryland Ave. SW.
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2 weeks ago |
bisnow.com | Jon Banister
Many office buildings in D.C. are now worth no more than the land they sit on. The values of older commercial buildings in D.C. have been falling over the last few years as the pandemic-induced remote work shift led many companies to downsize their footprints and to consolidate into newer buildings.
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3 weeks ago |
bisnow.com | Jon Banister
More than five years have passed since The Boro's first phase opened, creating a new hub in Tysons with high-rise office and apartment buildings above ground-floor retail, restaurants, a movie theater and a Whole Foods. But The Meridian Group has yet to break ground on the second phase, and it has turned to acquisitions to grow the project's footprint. It bought a 24-story trophy office tower developed speculatively next to The Boro in 2022 that has yet to secure any tenants, it announced Tuesday.
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3 weeks ago |
bisnow.com | Jon Banister
More than 18 months after D.C.'s attorney general sued 14 of the city's corporate landlords in 2023 for operating a “rent-setting cartel” with software company RealPage, a defendant — one of the District's largest developers — has reached a settlement. WC Smith developed the 419-unit Avec building on H Street NE that opened in 2020.
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The developers planning to convert the office building at 1250 Maryland Ave. SW to apartments, while adding three stories, have obtained a $180M loan to start construction: https://t.co/P890UU4NDW
RT @MayorBowser: And we’ll do the same with the RFK campus. https://t.co/sfIFx65v8e
.@MayorBowser speaking at @Bisnow D.C. State of the Market on her TOPA reform proposal: "We think that's a good way to unlock investment interest and continue to make D.C. a place where capital wants to come to help us build housing." https://t.co/W1Agy1ZRbu
