Real Estate Weekly – 7/11/14

300 businesses and organizations join DHCD’s Partner Match program

The Maryland Department of Housing and Community Development announced that 300 local businesses and organizations have joined the Maryland Mortgage Program’s Partner Match program, the state’s fast-growing initiative to help Maryland families obtain the home of their dreams. DHCD provides a dollar-for-dollar match of up to $2,500 to a participating partner’s financial contribution for down payment and closing cost assistance through programs such as House Keys 4 Employees, the Builder/Developer Incentive and Community Partner Incentive. DHCD’s Partner Match participants include 160 partners in the House Keys 4 Employees program, 125 in the Builder/Developer Incentive Program and 15 in the Community Partner Incentive Program.

ULI Baltimore to present WaveMaker Awards on Oct. 9

The Baltimore District Council of The Urban Land Institute (ULI) announced it will host its sixth annual WaveMaker Awards on Oct. 9 at the new Horseshoe Casino Baltimore. ULI Baltimore’s annual WaveMaker Awards recognize local real estate development projects, as well as a Lifetime Achievement Award and Leadership Award winners. The Lifetime Achievement Award is given to a recognized leader in the development community who has served more than two decades; has touched all aspects of development (acquisition, design, financing, implementation); and has touched a variety of different land uses (retail, office residential, hospitality, etc.). The 2013 Lifetime Achievement Award recipient was Thomas S. Bozzuto, chairman and CEO of The Bozzuto Group.

Tech Council opens office in Baltimore

The Tech Council of Maryland, Maryland’s largest technology trade association for life science and technology, announced that it has opened a satellite office at the University of Maryland BioPark in Baltimore. The new office, located at 801 W. Baltimore St., opened Thursday and will be open on a weekly basis every Thursday. Employees from TCM’s Rockville headquarters are staffing the Baltimore office and collaborating with other stakeholders in the Baltimore region on plans to offer networking opportunities and educational programming and address other topics of interest to the scientific and technological community. TCM said it needed the new office to expand its reach and be able to work closely with industry leaders in the Greater Baltimore area.

Equestrian estate to be auctioned

Rawlings Auction, Appraisal & Realty LLC, of Jefferson, announced it will auction a 45-acre equestrian estate in Taneytown. The sale is scheduled for July 25 at 3 p.m. at the property at 11722 Taneytown Pike. The sale includes a 7,300-square-foot, five-bedroom brick home; a renovated 1860s farmhouse with three bedrooms; a separate one-bedroom structure; a 13-stall barn with wash and tack areas; an indoor riding arena; and other buildings. A separate, 2.73-acre building lot at the entrance to the property will also be sold. The property can be viewed on Saturday from 1 p.m. to 3 p.m., by appointment. Broker participation is welcomed. For more information, visit www.rawlingsauctionservice.com (click on current live auctions) or call 301-473-5796.

Senate approves bill honoring Harriet Tubman

The U.S. Senate has approved a bill creating two national historical parks, one in Maryland, the other in New York, to honor Harriet Tubman, who escaped slavery to become a “conductor” on the Underground Railroad, rescuing escaped slaves during the Civil War era. The bill was introduced by Maryland’s two Democratic senators, Barbara Mikulski and Ben Cardin, and Sens. Charles Schumer and Kirsten Gillibrand, both Democrats from New York state. A companion bill is pending in the House of Representatives. Tubman was born on Maryland’s Eastern Shore, where the national historical park will be built near Cambridge, in Dorchester County. The New York park will be built in Auburn and commemorate the later years of Tubman’s life.

Chesapeake Lodging increases borrowing

Chesapeake Lodging Trust, of Annapolis, a hotel real estate investment trust that owns upper-scale hotels in major business and convention markets, said it refinanced a $60 million term loan secured by two properties in New York City — a 122-room Holiday Inn and a 185-room Hyatt. CLT obtained a new, 10-year, $90 million, fixed-rate mortgage loan, carrying an interest rate of 4.30 percent per annum and secured by the same two New York hotels. The new loan, provided by Goldman Sachs Mortgage Co., requires interest-only payments for the first two years and principal and interest payments thereafter, based on a 30-year principal amortization. CLT used excess proceeds from the refinancing to repay outstanding borrowings under its revolving credit facility.

Creig Northrop Team highly ranked for volume

Creig Northrop (Submitted photo)

Creig Northrop (Submitted photo)

The Creig Northrop Team, a part of Long & Foster Real Estate, has been ranked first in Maryland and second in the nation based on transactional volume in 2013, according to REAL Trends, a provider of statistical analysis for the residential real estate industry. The Northrop Team also ranked sixth in the survey based on the number of closed transaction sides in 2013. The ranking program was developed jointly by The Wall Street Journal and REAL Trends. The Northrop group has more than 60 full-time real estate agents working out of offices in Annapolis, Clarksville, Sykesville, Rockville and Lutherville-Timonium.

Enterprise Zones grow in city, Harford

Gov. Martin O’Malley announced that the Maryland Department of Business and Economic Development has approved focus areas within two Enterprise Zones in East Baltimore. Enterprise Zones enable jurisdictions to provide businesses located within the zones with income tax and property tax credits to help create and retain jobs. Economic benefits increase within a focus area. The city’s new focus areas total 846 acres within the Holabird and Orangeville industrial areas. Also, the Edgewood/Joppa Zone in Harford County, which is set to expire later this year, has been re-designated and expanded by 26 acres. The new zone totals 3,959 acres, and includes commercial development along the Route 40 Corridor as well as several existing industrial parks and shopping centers.

Merrill Lynch at FRIT building

Federal Realty Investment Trust, of Rockville, an equity real estate investment trust specializing in the ownership, management, development and redevelopment of retail assets, announced that Bank of America Merrill Lynch is the lead office tenant at Pike & Rose, the new transit-oriented, mixed-use neighborhood in the White Flint District of North Bethesda. Bank of America Merrill Lynch will occupy 40,000 square feet, half of the 80,000 square-foot Class A office building at 11810 Grand Park Avenue in Phase 1 of Pike & Rose. The first phase of Pike & Rose also includes approximately 500 high-end residential apartments, a movie theater, a performance venue associated with the Strathmore Hall Foundation, retailers and restaurants. It is located at the intersection of Rockville Pike and Montrose Parkway.

BRTB seeking public comment

The Baltimore Regional Transportation Board is accepting comments on a draft of the Public Participation Plan through Aug. 15. The board will vote on the plan on Sept. 23. The draft is available at www.baltometro.org. The Public Participation Plan serves as a guide for area residents to navigate the public process, while also outlining the policies and procedures to ensure that those coordinating the planning process engage the public. The BRTB is an 11-member board composed of representatives from Annapolis and Baltimore, the five surrounding counties and four state agencies. It coordinates transportation projects in the region.

Vista arranges financing for Ocean City hotel

Vista Capital Co., of Los Angeles, announced that it arranged and closed $47 million of financing for the Holiday Inn Hotel & Suites located in Ocean City. The financing was provided by a U.S. affiliate of a European-based investment bank. It represents Vista’s third closing in Ocean City and its fourth oceanfront hotel closing in the last two years. The Holiday Inn Hotel & Suites is a 210 all-suite, 13-story beachfront hotel.


Cassidy Turley, a commercial real estate services provider, announced that Phillips & Green, M.D., a regional orthopedic surgery and physical therapy practice group, signed a 4,700-square-foot lease at 9821 Broken Land Parkway in Columbia, where it will open its first office. Andrew Smith, Charles Fenwick and Scott Matthews of Cassidy Turley represented the landlord, Goldman Sachs Realty Management Division. Ed Trujillo of Navigator Real Estate Services represented the tenant. “Phillips & Green’s selection of Lakeview Office Park emphasizes the growing medical office community along the Broken Land Parkway corridor stretching from Route 32 to Columbia Town Center and Howard County General Hospital,” said Smith, managing director and principal with Cassidy Turley. 9821 Broken Land Parkway is a 12,514-square foot medical office building. The single-story building currently has 8,062 square feet available for lease.


Doo Consulting LLC, one of the original sustainability consulting firms in Maryland, announced that Spencer M. Bollacker, one of its project consultants, has earned the LEED AP for Neighborhood Development professional credential. He is one of only 350 people so accredited by the U.S. Green Building Council, which administers the Leadership in Energy & Environmental (LEED) rating systems. LEED APs help architects, developers and builders to interpret and meet LEED requirements in the most cost-effective, efficient and creative means possible. Bollacker joins an elite group of professionals from around the world who have earned the LEED AP ND credential since the specialty was launched in 2011. LEED ND is a standard for designing and certifying green neighborhood developments. At Doo Consulting, Bollacker is working on a study of Ecodistrict opportunities in Baltimore. Prior to joining the Doo Consulting team, he worked at the Green Building Certification Institute as a test development associate, and later as a member of the GBCI LEED certification team.

Miller, Miller & Canby, a Rockville-based law firm, announced that Edward S. West has joined the firm as principal in the Real Estate Practice Group. West has practiced for nearly 30 years in the areas of commercial leasing, real estate development, finance, and construction. During that time, he has negotiated more than 17 million square feet of leases for office, retail, and industrial properties, and special use projects, and over 100 ground leases. He has also worked with a wide variety of regional clients in the development, acquisition or sale of more than $5 billion in commercial properties, including mixed-use developments and public-private partnerships. Prior to joining Miller, Miller & Canby, West served as senior counsel with Cushman & Wakefield, as chair of the Real Estate Practice Group at Beveridge & Diamond, and as of counsel and co-manager of the Real Estate Practice Group at Covington & Burling. West is a former co-chair of the D.C. Bar’s Real Estate Section, and has been named a Super Lawyer in Washington, D.C. in Real Estate Law, a Best Lawyer in America in Real Estate Law, and a Legal 500 Recommended U.S. Real Estate Lawyer for D.C. Transactions and Finance.

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