Originally built in 1987, Olney Town Center, located at theintersection of George Ave. and Sandy Spring Rd., will undergo acombination of new construction and renovations. The renovationsare expected to be complete in Q2 2011, having been expanded to110,941 square feet, with Harris Teeter as the new anchor tenant.Other tenants in the center will include PNC Bank, Chevy ChaseBank, Subway and Green Turtle Restaurant.
The three-year term is standard for the market now, Remingtontells GlobeSt.com, with the floating rate pegged to Libor. The dealcould also be seen as an augur towards ground up constructionfinance--although such financing packages are still quite a wayoff, he adds.
"The lending markets are starting to come back and the firstplace they are heading is high quality sponsors for high qualitytransactions like this redevelopment." Once the lenders feel morecomfortable with redevelopment they will start branching out to newconstruction, he predicts.
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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.
