The Donald H. Richardson Co., Inc., of Washington, arranged the $45 million financing with John Hancock Mutual Life Insurance Co. for the extensive reconstruction and revitalization of the Sheraton-Park Hotel, a Washington landmark in Northwest. The plans include a new 10-story luxury hotel with 1,018 rooms. The total project is expected to be completed in two years.
The five-story Huntington Building in Alexandria was recently opened with ceremonies in Alexandria. The structure, with 48,000 square feet of office space at 2560 Huntington Ave., was built for Starr Management Corp., a subsidiary of Value Engineering Co. Frank C. Montague was the architect and the building contractors and owners are Clarence E. Becker and Eugene F. Cannon of Huntington Avenue Associates. Value Engineering will use 20,000 square feet and the rest will be leased.
James H. Krauser of Shannon & Luchs has reported that the average selling price of most houses has increased more than 100 per cent in the past decade, ahead of the pace of the 83 per cent increase in the cost of living.
Ryland L. Mitchell of Silver Spring, an apprasier with McCurdy-Lipman & Associates, has been awarded the MAI designation by the American Institute of Real Estate Appraisers. Wayne McDonald, owner of a realtor firm with three offices in this area, has been awarded the CPM designation by the Institute of Real Estate Management.
Wolfe, Matan & Sheehan Realty, Inc., has opened a branch office in Hanover, Pa. The firm now has seven offices. Also, the firm named James F. Walker Jr., formerly head of the new homes department, to the new post of director of corporate planning and training.
When the Institute of Real Estate Management's area chapter held its annual awards night and installed Lillian E. Bowen as its first woman president, the group also named her Property Manager of the Year. On hand was Amy Garrison, the first woman to be installed, recently, as head of the Property Management Association. The IREM group gave its Hughes award to Walter R. Donaldson and special awards to John T. O'Neill and Caroline Lewis of the Apartment and Office Building Association staff and to D.C. property manager Freeman Hair and to contractor Harry R. Jaffee.
Michael Sumichrast, chief economist of the National Association of Home Builders, will be the speaker Tuesday evening when the area chapter of the Associated Builders & Contractors, Inc., meets at the Ramada Inn in Lanham.
Lambda Alpha, a fraternity dedicated to the study of land economics, will meet at noon on Jan. 11 at the Touchdown Club to hear Matthew Platt, of the Washington Metropolitian Area Transit Authority.
James J. Hall, a realtor in Silver Spring, has been elected president of the Maryland chapter of the Real Estate Securities and Syndication Institute of the National Association of Realtors.
Wilson C. Brooks of Telecheck Corp. will discuss "fraud in the rental business" at a meeting of the Property Management Association to be held Jan. 13 at the Golden Ox.
Several real estate courses are being offered in Northern Virginia. For information about those in Arlington, dial 558-2581, and for details about courses in Alexandria, dial 836-2812.
The Charles County affiliate of the Suburban Maryland Home Builders Association will meet Jan. 11 at the Howard Johnson in LaPlata. Energy efficiency in houses will be the topic.
A home warranty that protects the seller against unexpected repairs or replacement costs on major home components is being offered in Northern Virginia by Electronic Realty Associates, Inc. The coverage begins 15 days after a house is listed for sale with an ERA member broker and is transferred on sale to the new owner for a year.
Marvin B. Cranshaw, who recently retired as executive vice president and treasure of American Finance System, Inc., and as chairman of the board of General Fidelity Life Insurance Co., has joined Clarke & Sampson, one of Alexandria's oldest realty firms.
Shannon & Luchs has affiliated with the Professional Mortgage Group, a network of firms in the Carolinas, Florida and Virginia.