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2121-Virginia-DC
Affordable HousingBerkadiaDevelopmentFinanceNewsNortheastWashington, D.C.

Carr Properties Obtains $92M for Office Conversion in D.C.’s Foggy Bottom

by Lynn Peisner

WASHINGTON, D.C. — Locally based Carr Properties is redeveloping a vacant office building at 2121 Virginia Ave. in Washington, D.C.’s Foggy Bottom neighborhood. Berkadia has arranged a $92 million construction loan through PNC Bank. Carr paid $23.5 million for the property in November 2025. The project was awarded a 20-year property tax abatement through D.C.’s Housing in Downtown program, an incentive aimed at encouraging commercial-to-residential conversions. Carr plans 30 affordable units as part of the roughly 300-unit project. Rent restrictions have not officially been disclosed, but they are expected to …

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Ray-Smith
Company NewsMarylandNewsNortheastPeople NewsWashington, D.C.

Enterprise Community Development Names Ray Smith Senior Vice President of Real Estate Development

by Lynn Peisner

SILVER SPRING, MD. — Enterprise Community Development, a Silver Spring-based nonprofit affordable housing owner and developer, has named Ray Smith senior vice president of real estate development. In this role, Smith will lead the organization’s affordable housing development efforts across Washington, D.C., and Maryland. Smith brings approximately 30 years of experience in multifamily development, real estate finance and affordable housing, with expertise in site acquisition, entitlement, design oversight, capital structuring and project execution. Before joining Enterprise Community Development, Smith held senior leadership positions with Legacy Partners, Madison Capital Group, The …

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Rushmark-West-Falls-VA
DevelopmentFinanceNewsNortheastWashington, D.C.

Rushmark Secures Financing for $136M Development Near Metro D.C. Commuter Station

by Lynn Peisner

FALLS CHURCH, VA. — Rushmark has secured financing to develop a $136 million apartment community in West Falls Church. FCP provided $22 million of preferred equity, and PNC contributed a $92 million senior construction loan. Patrick McGlohn, Brian Crivella, Yalda Ghamarian, Brian Gould, Bill Gribbin and Patrick Cunningham of Berkadia DC Metro led the transaction. Located at the corner of Falls Church Drive and West Falls Station Boulevard, the seven-story community will offer a mix of one- and two-bedroom apartments and such amenities as work-from-home spaces, a clubroom, speakeasy and …

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GoodHomes-Arlington
Affordable HousingDevelopmentInvestment SalesNewsNortheastVirginiaWashington, D.C.

GoodHomes Acquires Metro D.C. Hotel, Plans Multifamily Conversion

by Lynn Peisner

ARLINGTON, VA. — GoodHomes Communities has acquired Arlington Court Suites in Alexandria for $35 million and plans to convert the 187-unit hotel into a 180-unit multifamily community. The KLNB multifamily capital markets team led by Rawles Wilcox, Justin Shay and Dutch Seitz and the HREC Investment Advisors team of Mark Morris and Scott Stephens represented the seller, Arlington Hotel Holdings Inc. GoodHomes is a New York City-based investor that acquires under-performing hospitality and seniors housing assets and redevelops them as workforce housing serving residents earning between 60 and 120 percent …

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Renley-Arlington
DevelopmentNewsNortheastVirginiaWashington, D.C.

Gilbane Starts Construction of Office-to-Residential Project in Metro D.C.

by Lynn Peisner

ARLINGTON, VA. — Gilbane Development has begun construction of Renley, an office-to-residential conversion at 3601 Wilson Blvd. in Arlington’s Virginia Square neighborhood. Gilbane acquired the building, developed in 2000, in March 2025. The community will include 94 market-rate units in one-, two- or three-bedroom floor plans. Renley represents one of the first projects to take advantage of Arlington County’s updated adaptive reuse policy, adopted in November 2024, which lowered costs and removed regulatory hurdles for developers. The redevelopment plan will preserve the building’s exterior façade. Inside, amenities will include tenant storage …

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Parc-Riverside-East-DC
FinanceNewsNortheastWashington, D.C.

PCCP Provides $61.3M Refinancing Loan for Parc Riverside East in D.C.

by Lynn Peisner

WASHINGTON, D.C. — PCCP, a Los Angeles-based commercial real estate finance and investment management firm, has provided a $61.3 million refinancing loan to PGIM and Kennedy Wilson for Parc Riverside East, a luxury mid-rise community in the Navy Yard/Capital Riverfront neighborhood of Washington, D.C. Built in 2014 and located at 1011 First St. SE, the 287-unit, 13-story property is comprised of studio, one- and two-bedroom floor plans Amenities include a fitness center with Peloton bikes, a rooftop pool and sun decks with panoramic D.C. views, courtyard spaces with lounge seating, …

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Hunters-Branch-Fairfax
DevelopmentNewsNortheastVirginiaWashington, D.C.

Insight Property Groups Starts $174M Apartment Phase of Northern Virginia Office Redevelopment

by Lynn Peisner

FAIRFAX, VA. — Locally based Insight Property Group has begun construction of a 452-unit apartment community on the site of the former Hunters Branch office complex in Fairfax, 20 miles west of Washington, D.C. The Hunters Branch site is home to two vacant office towers totaling 400,000 square feet. Insight acquired the site for $28.9 million in a real estate owned (REO) transaction in November 2024. In March of this year, Insight sold a portion of the Hunters Branch property to Toll Brothers for $17 million. Toll Brothers will demolish …

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FinanceNewsNortheastWashington, D.C.

Meridian Arranges $50M Refinancing for Lanston Views in D.C.

by Lynn Peisner

WASHINGTON, D.C. — Meridian Capital Group has arranged a $50 million loan through NewBridge Lending for Langston Views, a 671-unit community in Washington, D.C. The borrower is Chicago-based Clear Investment Group, which acquired the property from foreclosure in 2024 and has since completed renovations to units, amenities and building systems. Langston Views was constructed in 1966 and consists of two 12-story residential towers and multiple garden-style buildings.

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4107-Connecticut-Ave-NW-DC
Investment SalesNewsNortheastWashington, D.C.

Marcus & Millichap Arranges $4.7M Sale of 21-Unit Property in Northwest D.C.

by Lynn Peisner

WASHINGTON, D.C. — Marcus & Millichap has arranged the sale of 4107 Connecticut Ave. NW, a 37-unit apartment building in the Van Ness neighborhood of Washington, D.C. The asset sold for approximately $4.7 million. Marcus & Millichap also arranged $3.5 million in acquisition financing. The seller and buyer were identified as two LLCs, Sirius and White Crest, respectively. The four-story apartment building totals approximately 14,400 rentable square feet. The unit mix includes 21 studios, seven one-bedroom units and nine two-bedroom units. Built in 1957, the building has undergone recent renovations, …

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crest-DC
FinanceInvestment SalesNewsNortheastWashington, D.C.

Walker & Dunlop Arranges $119.7M Agency Loans for D.C. Investor WC Smith

by Lynn Peisner

WASHINGTON, D.C. — Walker & Dunlop has arranged two loans totaling $119.7 million for an acquisition as well as a refinancing for locally based buyer and borrower WC Smith. The developer and operator refinanced Crest at Skyland Town Center with a $67.2 million Fannie Mae loan and acquired The Albemarle with a $52.5 million Freddie Mac loan. Crest at Skyland Town Center is a 263-unit mixed-use property at 2219 Town Center Drive SE. The Albemarle is a 235-unit property at 4501 Connecticut Ave. It was built in 1958 and renovated …

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