Regions

Holliday Fenoglio Fowler L.P. has arranged for $172.5 million in financing for the development of three multi-family properties. The construction/mini-permanent loan is for three properties that are scheduled to consist of over 1,100 units in Maryland, 15 miles from Washington, D.C. The properties involved in the transaction are the 451-unit Westchester at Contee Crossing in Laurel, 192-unit Westchester Rockville Station in Rockville and 491-unit Westchester at the Pavilion in Waldorf. The loans were arranged by HHF on behalf of Archstone. Archstone will borrow the funds on a 60-month loan from TIAA-CREF, a financial services company. HFF director Cary Abod of…

With the shelling out of $58.3 million, Washington Real Estate Investment Trust has added a 374-unit luxury apartment community to its portfolio. Located in a relatively upscale neighborhood in northwest Washington, D.C., The Kenmore has a price tag of $155,750 per unit . The seller, Smith Property Holdings 4411 Connecticut L.L.C., had owned The Kenmore since 1997, when it acquired the 11-story building for $15.6 million. Carrying the address of 5415 Connecticut Ave., NW, The Kenmore sits on a nearly 1.7-acre parcel within a stone’s throw of Chevy Chase, which is just over the Maryland border. The 270,000-square-foot property was originally…

Development of Archstone Avenir, a 241-unit luxury apartment community in Downtown Boston, is moving forward with help from a $90 million construction loan arranged by the Boston and Dallas offices of Holliday Fenoglio Fowler L.P. The 36-month construction loan was secured through NEBF Investments (National Electrical Benefit Fund), a Washington, D.C.-based union pension fund advisor and real estate investment program. John Ahmed, an HFF associate director from the Dallas office who helped arrange the financing, said HFF has worked with NEBF in the past. The fund, created by the International Brotherhood of Electrical Workers and National Electrical Contractors Association, has…

ProLogis European Properties Fund II, a private equity fund established by Denver-based distribution facilities provider ProLogis, has attained a five-year secured term loan facility valued at €264 million, or approximately $383 million, for the purpose of refinancing 34 properties in Central Europe. Hypo Real Estate Bank International AG provided the loan, acting as facility agent along with Aareal Bank AG, Deutsche Postbank AG and Helaba Landesbank Hessen-Thüringen. The portfolio of distribution facilities encompasses an aggregate 7.5 million square feet of recently constructed space in Poland, the Czech Republic, Slovakian and Hungary. “ProLogis is a sector leader, with global experience and…

Construction began Wednesday as part of the transformation of the former Fitzsimons Army Medical Center in Aurora, Colo., for the 184-acre business park called Colorado Science + Technology Park at Fitzsimons. The project is being developed by Forest City Science + Technology Group, an affiliate of Forest City Enterprises Inc. The project began with the demolition of the existing Fitzsimons smokestack to make way for new, state-of-the-art scientific facilities. Plans call for Forest City’s first life science building to accommodate the growth of the region’s existing life science industry as well as existing incubator tenants on site. In addition, a…

Despite a flat Dallas real estate market, Tracy Fults took a leap of faith in the creation of his new real estate firm of Fults Commercial, following in the footsteps of his late father and one-time mentor Jerry Fults “The timing is good for me for where I am in my life,” Fults, the president of Fults Commercial, told CPN. “I’ve been in the business for quite a while and this is a good opportunity for me.” The new firm will concentrate on commercial real estate properties throughout Texas with a focus on North Texas. The company will specialize in landlord representation,…

After a typically quiet summer, a souring economy and struggling financial markets will soon cause the other shoe to drop on the Manhattan office market, according to local analysts.Just Friday, atop other discouraging economic trends–such as the apparent shift by consumers to big-box stores from high-end retailers–came the jobs report. The Department of Labor’s monthly report released Friday found that non-farm payrolls dwindled by 84,000 as unemployment hit 6.1 percent, the worst showing since 2003.Some financial firms that make up a large chunk of the market’s tenant base are in trouble, and their problems will soon start add space to…

The Tower Building, a 124,700-square-foot office property with a full tenant roster along Washington, D.C.’s famed lobbyist-laden K Street Corridor, has traded in a deal valued at $53.8 million. Acting on behalf of an institutional fund, Guardian Realty Investors L.L.C. acquired the Art Deco building (pictured) at 1401 K St., N.W., from AEW Capital Management L.P., which made the sale on behalf of an institutional client seven years after having purchased it from Starwood Capital Group for $23.7 million. The credit crisis is not keeping investors away from the District. “D.C. is fortunate; there is a fair number of all-cash…

ProLogis has announced that it will build a new, 475,000-square-foot industrial warehouse near Paris for C&A France, the French subsidiary of international clothing retailer C&A. The facility will be developed southeast of the capital in the city of Presles. C&A will use the space as a regional distribution center, distributing various lines of apparel to its network of retail stores throughout northern and central France. Construction on the building, which will eventually be rail-served, is scheduled to begin in the second half of 2008. While the French industrial property market is still good for build-to-suit development, according to Prologis’ Ranald…

Inmobiliaria Colonial SA of Barcelona is reportedly close to finalizing a $12.9 million deal with its various creditors that could include the sale of some assets and a future infusion of cash from shareholders. In late March and again in late June, CPN reported on Colonial’s efforts to sell its 15 percent stake in Fomento de Construcciones y Contratas SA, Spain’s third-largest construction company. The most recent development would have to involve both primary Colonial shareholders Banco Popular and La Caixa and major creditors Goldman Sachs, Eurohypo, Calyon and Royal Bank of Scotland. A deal is expected within the next…