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Morning Notes

by ARLnow.com | October 4, 2011 at 8:27 am | 1,439 views | 11 Comments

Penzance Buys Another Arlington Building — Local real estate firm Penzance is upping its investment in Arlington. The company just closed a multimillion dollar deal to buy a 7-story office building at 1555 Wilson Boulevard in Rosslyn. The building, which houses tenants like the Washington Business Journal and George Washington University, is across from another Penzance-owned building at 1500 Wilson Boulevard. Penzance plans to renovate the 1500 Wilson Property, while at the same time moving forward with plans to build a large new office building in Clarendon. [CityBiz Real Estate]

AHC Pays Back Loan, Expands to P.G. Co. — Nonprofit, Arlington-based affordable housing developer AHC Inc. has repaid the remaining principal and interest on a $1.5 million loan it received from Arlington County in 1994. The loan was used to buy the Harvey Hall Apartments, a 116-unit affordable apartment complex in Columbia Heights West. AHC was able to repay Arlington the remaining $717,167 on the loan thanks to a refinancing. Meanwhile, AHC is planning to expand its service area to Prince George’s County, Md. [AHC Inc., CityBiz Real Estate]

Groundbreaking for Crystal City ‘Gateway’ Project — The Crystal City Business Improvement District broke ground on a $300,000 project that will beautify a triangular lot that serves as the southern gateway to Crystal City. “It’s part of a larger effort to replace the concrete neo-brutalism [architecture of Crystal City] with modern glass and steel,” writes reporter Michael Lee Pope. A revamped northern gateway is also in the works. [WAMU]

Photo courtesy Jay Cohen

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  • Johnny Utah

    double rainbows

    • G Clifford Prout

      I feel doubly gay today.

      • AllenB

        From the way you walk, you look it too. :)

  • UnlimitedCustoms

    What was the interest rate? And who did they refinance with? Please don’t tell me ArlCo…

  • Lou

    And get this: not too long ago, Penzance SOLD the building I work in to JBG. Something must be afoot with all these buildings being flipped.

    Penzance was a lousy caretaker of our building, BTW. JBG spruced it up really nicely though.

    • one who knows

      Perhaps they were a “lousy caretaker” because they knew they weren’t holding it for the long haul. No point spending money on cosmetics that won’t bring return on investment in short term. Dats bizness!

      • Lou

        Yeah, that might explain why several floors had unleased space. That’s terrible for their “bizness”, by the way.

  • Grammar Hammer

    ArlNow, FYI, it’s “principal” and interest–as in the principal deposit of money. (Just like school principal.)

    • nauckneighbor

      In all fairness to Arlnow, the statement from AHC incorrectly spells it as principle and interest and you would assume that they would know what they’re talking about.

    • http://www.arlnow.com ARLnow.com

      Fixing that now.

  • Steve

    Somebody must be harassing AHC about paying back their loans for them to do this. Do they have any big requests coming down the pipeline?

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