MIAMI—In transactions that reflect the continued appetite for well-located, well-leased suburban properties, Walker & Dunlop has been busy arranging financing for the retail sector. The firm recently arranged $34 million for neighborhood shopping centers in Ballantyne, NC and Manassas, VA.
Specifically, Walker & Dunlop closed a $3.6 million loan for Cedar Walk Market, a shopping center located in Ballantyne. Ballantyne is an upscale community in the Charlotte metro area.
Cedar Walk Market is a newly-constructed shopping center that offers 19,313 square feet of rentable space. Tenants of the open-air shopping center include Buffalo Wings & Rings and Lorenzo’s. Cedar Walk Market is 94% leased.
A CMBS lender provided the loan against Cedar Walk Market. The loan was structured with a 10-year term followed by a 30-year amortization schedule for the borrower, Johnson Family Trust.
Walker & Dunlop also arranged $30.4 million in financing for The Shops at Signal Hill and Evergreen Terrace Shopping Center, two shopping centers located in Manassas. The refinance loan was provided by ING/Barclay’s and structured with a 10-year term with six months interest only, followed by a 30-year amortization schedule.
The Shops at Signal Hill and Evergreen Terrace Shopping Center were constructed in 2007. The shopping centers feature a number of local and national tenants, including Starbucks, FedEx Kinko’s, Dollar Tree, Dunkin Donuts and Longhorn Steakhouse.
Walker & Dunlop also provided $120 million in Fannie Mae financing to TF Cornerstone Equities LLC for one of the final two apartment towers in the Queens West development. The 10-year loan, with five years interest-only, was for 45-40 Center Blvd. in Long Island City. Check out GlobeSt.com’s NewYork coverage of that story.