The D.C. Council approved up to $275 million in bond financing for a California developer to convert a Penn Quarter office building into a 415-unit apartment building with a Sprouts location on the ground floor.
The bonds will go to the nonprofit Madrone Community Development Foundation to help with the acquisition, demolition, renovation or the building and tenant improvement work for the 25,000-square-foot Sprouts store. Madrone is expected to repay the financing provided by the District, reported the Washington Business Journal.
$44 million of the bond financing will go toward acquisition costs, $13 million toward demolition, $81 million toward renovation, and $6 million toward improvement work for Sprouts. The building at 600 E St. NW is currently owned by S.C. Herman & Associates Inc. The 1970s-era office building was once home to the Department of Justice, a longtime anchor tenant. The federal agency moved out, shedding more than 1 million square feet across four buildings and relocating nearly 840,000 square feet to Three and Four Constitution Square.
Turner Impact Capital acquired a 378-unit multifamily community in Houston and will preserve affordability for low- and moderate-income residents through a tax exemption agreement with the Houston Housing Authority. Under a regulatory agreement with the Houston Housing Authority, the Fund will maintain existing rent restrictions on half of the apartments, reserving at least 152 units...
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Broe Real Estate Group (BREG) acquired Maple Terrace Residences in Uptown Dallas. The 22-story, 345-unit Class AA luxury apartment building opened in August 2024. Hines was the seller. Maple Terrace Residences is part of the new mixed-use project. The project features the new 22-story luxury residential tower, 157,000 square feet of Class-A office space, and...
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Allied Properties REIT began searching for a successor to chief executive Cecilia Williams on Wednesday as the Toronto-based office landlord races to sell properties ahead of $700 million in bond maturities next April. Two weeks earlier, Allied announced a 90% cut to its monthly distribution, freeing up about $126 million a year for debt repayment....
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