Real Estate Weekly: 1/18/13
Posted: 2:00 pm Fri, January 18, 2013
Beech Street Capital reports growth to $4B in loans in 2012
Bethesda-based Beech Street Capital, LLC announced this week that it provided $4 billion in multifamily financing in 2012, achieving a 100 percent annual growth rate for the last two years. Beech Street Capital is a mortgage banking company engaged in originating, underwriting, closing, and servicing high-quality multifamily mortgage loans for existing and proposed apartment buildings and manufactured home communities throughout the United States. The company said Fannie Mae financing grew 150 percent and the Freddie Mac business tripled. Beech Street also saw a surge in its FHA business. At year end, the company said, Beech Street’s servicing portfolio consisted of 643 loans and over $7.3 billion.
Verizon sells building In Cambridge to Rasevic
Verizon Maryland has sold its 6,000-square-foot office/warehouse building at 1204 Goodwill Ave. in Cambridge to The Rasevic Cos., headquartered in Bethesda. The building was previously used as a service center and maintenance hub for landline operations across Dorchester County. It was closed in 2011. Rasevic provides construction services, landscape contracting services and large-scale commercial snow removal. The property was marketed by John McClellan of Sperry Van Ness-Miller Commercial in conjunction with Johnson Controls, regional real estate representative for Verizon. Rasevic was represented by Rodney Bliss of Champion LLD Commercial. The price was not disclosed.
Antiques store moves from Ellicot City to Annapolis
Retropolitan Fine Antiques and Vintage has relocated from Ellicott City, where it was founded by Cindi and Caitlin Ryland in 2003, to West Annapolis. The store, at 14 Annapolis Street, opened Thursday. Retropolitan provides two services, antiques and customized design Its showroom carries antiques and vintage items such as crystal, silver, lighting, textiles, furniture, jewelry, porcelain, fine art and clothing. Its staff can also advise customers on home décor and prepare a house to be placed on the market for sale. Retropolitan has worked with costume and set designers, selling and renting historically accurate clothing, furniture, lighting and accessories for local and professional theater, film and television.
Constellation project wins solar award
Solar Power Generation USA has named Constellation’s 16.1-megawatt grid-connected solar project at Mount St. Mary’s University in Emmitsburg as the Best Solar Project of 2012. The award came during the announcement of the Solar Power Generation USA Awards in Newport Beach, Calif., this week. The project was constructed at no upfront cost to the state and works with a 1.6-megawatt system that supplies power directly to the university.
Prometric to open center in White Marsh by June 1
Baltimore-based Prometric, which administers professional licensing and other testing services for about 400 clients worldwide, will open a $12 million hub in White Marsh that will coordinate the company’s operations, officials announced Wednesday. Construction is under way on the 60,000-square-foot facility, and Prometric executives hope to open it by June 1. The operations hub will bring about 100 jobs to Baltimore County, according to CEO Michael Brannick, while enabling the company to save an estimated $30 million over the next five years by streamlining support services for the 10 million certification exams it administers annually. Those support services are currently conducted at other locations throughout Maryland and Minnesota. Employees in the Global Operation Center will oversee Prometric’s test center network, which includes 8,200 test sites in more than 160 countries.
Ritz-Carlton Residences reports 100 of 190 units sold
The Ritz-Carlton Residences on Key Highway has sold 100 of the development’s total 190 units have sold, Joe Graziose, senior vice president at RXR Realty, the Long Island, N.Y.-based owner of the property, said this week. In addition, 11 units are under contract and expected to close by mid-summer. “We had a stellar year,” Graziose said of 2012, when the Ritz-Carlton Residences recorded 31 closings with sales prices between $599,000 and $3.4 million. With the housing market still attempting to stabilize, local Realtors say sales of luxury units are leading a fledgling housing turnaround. “Money is almost free, and we actually see prices have stabilized where before they had gone down,” said Theo Harris, a principal with Keller Williams Realty. “I just sold a penthouse at Spinnaker Bay at 2.78 percent on a 15-year mortgage.”