Washington, DC

Joint Venture Acquires 281-Bed Student Housing Property in Washington, D.C. for $67.5 Million

by Katie Sloan July 10, 2024

Washington, D.C. — A joint venture between Up Campus Student Living, Palmor Capital, BridgeInvest and Sabal Investment Holdings has acquired Boathouse, a 281-bed student housing property located in the Foggy Bottom neighborhood of Washington, D.C., for $67.5 million. The community offers 250 units in studio, one- and two-bedroom configurations at 2601 Virginia Ave. for students attending George Washington University. The property also features two levels of underground parking and 4,747 square feet of retail space. Shared amenities include a business center, rooftop lounge, pool deck, grilling stations, fitness center, package lockers, …

July 10, 2024

Finance News Washington, DC

FHFA Announces $70 Billion Multifamily Loan Purchase Cap for Fannie Mae, Freddie Mac

by Katie Sloan November 15, 2023

Washington, D.C. — The Federal Housing Finance Agency (FHFA) has announced that the multifamily loan purchase caps for Fannie Mae and Freddie Mac in 2024 will be $70 billion for each enterprise, for a combined total of $140 billion. At least 50 percent of each enterprise’s multifamily business is required to be mission-driven, affordable housing. Only loans classified as supporting workforce housing properties in Appendix A of the Conservatorship Scorecard will be exempt from volume caps. “The 2024 multifamily loan caps, coupled with the exemption for workforce housing properties from …

November 15, 2023

Development News On-campus Washington, DC

ACC, Georgetown University Begin Residence Hall Renovation, Expansion

by Katie Sloan September 18, 2023

Washington, D.C. — A public-private partnership between American Campus Communities and Georgetown University has broken ground on the redevelopment of Henle Village, an existing residence hall on the university’s campus in Washington, D.C. Following renovations, the community will offer an additional 278 beds, bringing the property’s bed count to 740. The residence hall will offer apartment-style units with kitchens and in-unit bathrooms. The project, which is expected for completion in summer 2025, is targeting LEED Platinum certification. “The transformative redevelopment of this centrally located residential community underscores Georgetown’s commitment to …

September 18, 2023

Finance News Washington, DC

Preston Hollow Community Capital Closes $300 Million Refinancing for Residence Hall Portfolio at Howard University

by Katie Sloan January 25, 2023

Washington, D.C. — Preston Hollow Community Capital has closed on $300 million in tax-exempt bond financing. The loan will consolidate financing of Howard University’s Towers, Drew, Cook, Quad and Axis residence halls in Washington, D.C. Loop Capital Markets served as sole underwriter for the bonds and Orrick, Herrington & Sutcliffe acted as bond counsel. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo acted as counsel to the underwriter. Lerch Early & Brewer acted as counsel to Howard University.

January 25, 2023

News Washington, DC

Chronicle of Higher Education Releases List of Colleges to Require Students, Employees to be Vaccinated Against COVID-19

by Katie Sloan May 12, 2021

Washington, D.C. — As colleges and universities prepare for fall semester, one of the major questions at hand is whether or not COVID-19 vaccinations will be required for students or employees. The Chronicle of Higher Education has identified 336 campuses thus far that will be requiring vaccination for either students, employees or both. The Washington, D.C.-based newspaper has released a map showing the locations of colleges requiring the vaccine, with continuously updated coverage as university protocols are released. Click here to read the Chronicle’s research in-full.

May 12, 2021

News Washington, DC

NMHC Publishes Guidance on Rental Assistance, COVID-19 Aid Packages

by Katie Sloan March 31, 2021

Washington, D.C. — The National Multifamily Housing Council (NMHC) has published information on accessing rental assistance provided through COVID-19 aid packages. In December 2020, Congress passed the Consolidated Appropriations Act, which allocated $25 billion to the Treasury Department to create a new Emergency Rental Assistance program (ERAP). As states begin to open enrollment, the NMHC has worked with Congress and the Treasury Department to ensure the program is administered in an efficient and effective manner that works for both residents and property owners/managers. In an effort to clarify specific provisions …

March 31, 2021

News Washington, DC

Freddie Mac, Fannie Mae Hire Financial Advisors to Exit Conservatorship

by Katie Sloan June 17, 2020

Washington, D.C. — Freddie Mac and Fannie Mae have hired separate financial advisors to guide the agencies in exiting conservatorship. Freddie Mac has brought on J.P Morgan, and Fannie Mae has hired Morgan Stanley & Co. LLC. Both government-sponsored enterprises (GSEs) are based in Washington, D.C. The Federal Finance Housing Agency (FHFA) became the conservator for both Fannie Mae and Freddie Mac in 2008 during the Great Recession to oversee the lending activity of the agencies. The FHFA helps ensure that Fannie Mae and Freddie Mac are providing counter-cyclical liquidity and support …

June 17, 2020

Finance News Washington, DC

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

by Katie Sloan March 24, 2020

Washington, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate …

March 24, 2020

Development News On-campus Washington, DC

Howard University, Corvias Complete $35.5 Million Renovation of Howard Plaza Towers, Open Campus Barbershop

by Katie Sloan September 1, 2017

Washington, D.C. — A public-private partnership between Corvias, Howard University and Howard Dormitory Holdings 1 LLC has completed the $35.5 million renovation of Howard Plaza Towers, a 327-unit residence hall.

September 1, 2017

Development Investment Sales News Washington, DC

UIP Acquires Student Housing Building from George Washington University for $36 Million

by Katie Sloan August 15, 2016

Washington, D.C. — Urban Investment Partners (UIP) has acquired a ten-story student housing building from George Washington University (GWU) for $36 million.

August 15, 2016