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A 3D render of the redevelopment of Mazza Gallerie in Washington, D.C.
DevelopmentFinanceNewsNortheastWashington, D.C.

Tishman Speyer Secures $150 Million to Redevelop Mazza Gallerie Mall in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan for the redevelopment of Mazza Gallerie, a former shopping mall in Washington, D.C.’s Friendship Heights neighborhood. RBC Capital Markets provided the loan. Mazza Gallerie will be converted into a mixed-use community with 320 apartment units, over 800 parking spots and 90,000 square feet of retail space. The mall’s 70,000-square-foot retail concourse will be anchored by a T.J. Maxx. The project’s residential component and first retail openings are expected to complete in 2025. Davis Construction and Smoot Construction are …

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Alta Star Harbor in Alameda, Calif.
DevelopmentFeaturesNewsNortheastOperationsWashington, D.C.

U.S. Supreme Court Decision Limits Federal Jurisdiction Under Clean Water Act, Gains Support of Multifamily Industry

by Channing Hamilton

WASHINGTON, D.C. — The U.S. Supreme Court has released its decision on Sackett v. EPA, a case focused on the definition of the “waters of the United States” (WOTUS). The court unanimously ruled on May 25 that the federal jurisdiction under the Clean Water Act (CWA) extends only to wetlands that are “indistinguishable” from larger bodies of water by having a “continuous surface connection.” The decision narrows the reach of federal CWA protections and could have a major impact on a variety of industries, including commercial real estate. On June 1, 2022, …

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A 3D render of the Thread in Washington, D.C.
DevelopmentFinanceNewsNortheastWashington, D.C.

Community Three Development Secures $17 Million to Develop The Thread in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Community Three Development has secured $17 million in construction financing for The Thread, the second phase of a redevelopment project in Washington, D.C. The project involves the conversion of the Grimke School building and surrounding properties into a mixed-use development. Clearwater Capital Management arranged the financing, which includes a senior loan from City First Bank and C-PACE financing facility from Stonehill PACE. Community Three Development completed the first phase of the redevelopment in July 2021. The property currently includes the African American Civil War Museum, the headquarters …

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NewsNortheastPeople NewsWashington, D.C.

National Association of Home Builders Selects James Tobin as CEO

by Channing Hamilton

WASHINGTON, D.C. — The National Association of Home Builders (NAHB), a trade association representing the housing industry, has selected James Tobin as president and CEO. Tobin will work out of NAHB’s headquarters in Washington, D.C., and will assume the new post effective June 1. Tobin previously served as executive vice president and chief lobbyist at NAHB. Prior to joining NAHB in 1998, he worked as a senior legislative assistant to former U.S. Representative Frank Riggs of California and former U.S. Representative Gary Franks of Connecticut.

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Affordable HousingNewsNortheastPeople NewsWashington, D.C.

National Housing Conference President States Federal Reserve’s Rate Increases Risk Stagflation

by Channing Hamilton

WASHINGTON, D.C. — David Dworkin, president and CEO of the Washington, D.C.-based National Housing Conference, warns that the series of ongoing interest hikes by the Federal Reserve to fight inflation raises the risk of stagflation. Stagflation is characterized by a high rate of inflation, slow economic growth and elevated level of unemployment. “As I stated previously, raising interest rates further to control inflation is no longer the answer and is instead contributing to an increase in the cost of shelter,” explains Dworkin. “The Federal Open Market Committee needs to let …

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A 3D render of Ltd. Med Center, a contemporary-style community in Houston.
FeaturesInvestment SalesNortheastOperationsWashington, D.C.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

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Rendering of Alabama Avenue Apartments
Affordable HousingDevelopmentNewsNortheastWashington, D.C.

Joint Venture Underway on $49.2 Million Affordable Project in D.C.

by Lynn Peisner

WASHINGTON, D.C. — Enterprise Community Development and Durrani Development Corp. have broken ground on Alabama Avenue Apartments, an affordable housing community in the Garfield Heights neighborhood of Washington, D.C. The project cost is $49.2 million. Construction is estimated to be complete in October 2024. The District of Columbia Housing Finance Agency (DCHFA) has issued $23.1 million in tax exempt bonds for the construction of the project. Additional funding sources include a $12.9 million housing production trust fund loan from the D.C. Department of Housing and Community Development (DHCD). Alabama Avenue …

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A 3D render of Vermeer, a 13-story grey and white building.
DevelopmentNewsNortheastWashington, D.C.

Toll Brothers Underway on 501-Unit Mixed-Use Project in Washington, D.C

by Channing Hamilton

WASHINGTON, D.C. — Toll Brothers Apartment Living, a subsidiary of Toll Brothers Inc., is developing Vermeer, a mixed-use project in the Buzzard Point neighborhood of Washington, D.C. Vermeer’s development is being financed through a construction loan from Bank OZK. The project was designed by architecture firm KTGY. Site work on Vermeer began in December 2022, and the building is expected to open in 2024. Vermeer will rise 13 stories and include 37,000 square feet of ground-level retail space. The property’s 501 units will be available in studio, one-, two- and …

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Affordable HousingFinanceNewsNortheastWashington, D.C.

FHFA Confirms Disbursement of $545 Million for Affordable Housing Programs

by Kari Lloyd

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has confirmed that the Housing Trust Fund and Capital Magnet Fund will receive approximately $545 million for affordable housing initiatives from Fannie Mae and Freddie Mac. According to Sandra Thompson, director of the FHFA, a portion of every loan purchased by Fannie Mae & Freddie Mac is allocated to the Housing Trust Fund and the Capital Magnet Fund. The Housing Trust Fund, overseen by the U.S. Department of Housing and Urban Development, will receive $354 million. The Housing Trust Fund allocates …

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A construction site for the redevelopment of a hotel building.
Architecture & DesignDevelopmentFeaturesNortheastWashington, D.C.

ULI Report: Commercial-to-Multifamily Conversions Bring Balance to Markets

by Channing Hamilton

WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for …

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