Walker & Dunlop Arranges $61 Million in Financing for Trophy Retail Development in Washington, D.C.
BETHESDA, Md., Oct. 10, 2018 /PRNewswire/ — Walker & Dunlop, Inc. announced today that it structured $61,000,000 in financing for the recapitalization of The Shops at Dakota Crossing, a 140,000 square-foot trophy retail center in Washington, D.C. Led by Managing Director Jamie Butler, Walker & Dunlop’s Structured Finance team replaced the existing construction capital stack with a stretch senior bridge loan, which also provides for future funding based on additional leasing and capital costs.
Positioned along New York Avenue, one of Washington, D.C.’s busiest thoroughfares, The Shops at Dakota Crossing enjoys a convenient location with high visibility both to commuters and area residents. Despite high income and homeownership demographics, the surrounding neighborhood had few retail options prior to the delivery of The Shops at Dakota Crossing. As a result, the final phase of development was 98 percent pre-leased with a diverse mix of national and local tenants including the city’s first Costco, Lowe’s, Dick’s Sporting Goods, Marshalls, PetSmart, Chick-fil-A, and Starbucks.
“The Shops at Dakota Crossing is a landmark retail project in Washington DC and this capitalization will allow the project to truly reach its maximum potential” said Mr. Butler. “Our client has been dedicated to this successful project for over 15 years and we are thrilled to play a role in the completion of their vision.”
The development team is led by Trammell Crow Company, a leading real estate developer and investor. Trammell Crow’s joint venture partners include Fort Lincoln New Town Corporation and CSG Urban Partners, both of which are experienced developers in DC and are principal catalysts for growth in the property’s surrounding neighborhoods.
Walker & Dunlop’s Structured Finance Group provides access to all commercial real estate finance options in the capital stack, including joint venture equity, preferred equity, mezzanine financing, as well as bridge and construction senior debt financing. The team has a nationwide presence and strong global relationships with a range of capital providers including institutional funds, pension funds, life insurance companies, private equity firms, REITs, foreign capital, registered investment advisors, and high net worth individuals. The group’s experienced team members have collectively closed over $72 billion in transactions over the course of their careers.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 650 professionals in 29 offices across the nation with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.