Akridge Developing DC Trophy Office Building

Akridge, the DC-based commercial real estate firm, announced this week that it had secured purchase agreements with both the American Beverage Association and the American Association of University Women for 1101 and 1111 Sixteenth Street NW, corner adjacent to the new Fannie Mae headquarters in Washington, DC. Akridge said that it has plans to redevelop the two buildings, in partnership with Stars Investments, into one freestanding trophy-class office building. Terms of the acquisitions were not disclosed, but the new 1101 Sixteenth Street building is expected to deliver in 2017. Cushman & Wakefield brokered the transaction on behalf of the American Beverage Association and the American Association of University Women.

"The success of our recent redevelopment at 1200 Seventeenth Street has demonstrated the strong demand for high quality and efficient office space. We believe redeveloping 1101 and 1111 Sixteenth Street into a freestanding, trophy office building will respond to the demand for quality product," said Matt Klein, President of Akridge. "The project will complement the historic character of Sixteenth Street and will appeal to law firms, associations, and government affairs clients who appreciate a floorplan that maximizes windowed offices, as well as the impressive location near the White House and the city's best hotels."

For more news and information visit Blumberg Partners.

NorthMarq Completes AmeriSphere Acquisition

NorthMarq Capital announced this week that it had completed the acquisition of AmeriSphere Multifamily Finance, a Fannie Mae DUS and FHA MAP lender from its founding partner Rodrigo Lopez and the investment firm McCarthy Capital (Fulcrum). NorthMarq previous held a 40% stake in Amerisphere; with the deal finalized, Amerisphere will now operate as a wholly-owned subsidiary, NorthMarq Capital Finance. Jay Donaldson has been appointed president of the NorthMarq Capital Finance group; Scott Suttle continues as executive vice president and national production director. Both will join NorthMarq Capital's Executive Leadership Team and report to Eduardo "Ed" Padilla, CEO-NorthMarq Capital and NorthMarq Capital Finance.

"NorthMarq's acquisition is the logical culmination of a very successful decade-long relationship. Because of NorthMarq's outstanding loan producers and excellent borrower clients, the AmeriSphere team will continue growing the best performing portfolio in our industry," said Amerisphere founding partner Rodrigo Lopez.

"This acquisition strengthens our multifamily platform and leverages our existing production platform throughout the U.S.," said Padilla. "Robust Fannie Mae and HUD offerings are a great complement to our Freddie Mac platform and create the best options for our borrower clients."

For more news and information visit Blumberg Capital Partners.

Walker & Dunlop Buying CWCapital for $220M

Walker & Dunlop, Inc. announced this month that it had entered into a definitive agreement to acquire its rival lender, CWCapital LLC, for $220 million. According to the company, $80 million of the purchase will be provided in cash and approximately $140 million in Walker & Dunlop stock, subject to potential adjustment based on changes in the company's stock price, and pending the expected closing within then next 3-4 months.

"We are thrilled to announce this acquisition. CWCapital is an exceptional company with an outstanding team and a corporate culture very similar to Walker & Dunlop's," commented Willy Walker, Chairman, President and CEO of Walker & Dunlop. "The combined company will be one of the largest commercial real estate lenders in the United States," Walker continued. "CW's people, credit discipline, and client focus are highly regarded throughout the industry. It's a wonderful accomplishment to bring these two fantastic companies together and create a true industry force."

CWCapital, is a subsidiary of CW Financial Services LLC, which is owned by Fortress Investment Group LLC. Founded in 1972 and with 180 currently employees, CWCapital lends money to multifamily, healthcare and commercial real estate industries and has in-house origination capabilities for Fannie Mae, Freddie Mac and life insurance companies.

For more news and information visit Blumberg Capital Partners.

UDR and Kuwait JV Make $154M DC Acquisition

UDR Inc. announced this week that it had acquired, in a joint venture with Kuwait Finance House (KFH), 1301 Thomas Circle in Washington, DC for $154 million. According to a National Real Estate Investor Online article, The acquisition is being funded through a five-year, 2.99%, $90 million interest-only loan from Fannie Mae, a 70% equity contribution by KFH of $44.8 million and a 30% equity contribution by UDR of $19.2 million. Since its formation in 2009, the joint venture has invested $281 million in metropolitan Washington, D.C. through the acquisition of three operating communities containing 660 homes.

1301 Thomas Circle is a ten-story building constructed in 2006 located just minutes from the Mt. Vernon Square and McPherson Metro Stations. Additionally, it is just a short walk from two of the Company's other operating communities, Andover House and View 14, as well as its development project, 2400 14th Street. Following the close of this transaction, the Company will own, or have an ownership interest in, 21 communities consisting of 5,934 apartment homes in the metropolitan Washington, D.C. market.

For more news and information visit Blumberg Capital Partners.