STERLING, VA-Rocks Center has secured $24 million to fund an expansion of its Great Falls Plaza. The 96,177-sf grocery-anchored retail center will expand by 6,184 sf.
The local Holliday Fenoglio Fowler office here represented the owners in placing the 10-year, 5.76% fixed-rate loan with TIAA-CREF. The financing has a two-year, interest-only period followed by a 30-year amortization schedule.
Other plans by the borrower, according to HFF director Mark Remington, include early loan prepayment and moving tenants for the redevelopment. Tenants in the center, which was originally built in 1996, include Food Lion and Rite Aid. Construction is slated to be completed by early next year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
