BETHESDA, MD-Walker & Dunlop has closed $467 million in transaction year to date in the retail and mixed-use space. The company has tapped a variety of sources to help finance these deals, sourcing ranging from life company money to bank financing to Freddie Mac to interim loans.
Lender demand for these assets is strong, SVP Paul Ahmed tells GlobeSt.com. "Any center with strong tenants, strong occupancy in a primary location – we will have quotes lined up for that," he says. "Lenders are being very aggressive."
Two deals in the Washington DC area that W&D structured include financing for the Hayfield Shopping Center in Alexandria, VA and Largo Plaza Shopping Center in Largo, MD.
A life company provided the financing for Hayfield Shopping Center, a 94,849 square foot shopping center that features 18 regional and national tenants. SVP David Redmond secured the financing for that deal. SVP Ted Hermes arranged the new 20-year loan for Largo Plaza Shopping Center, a 461,412 square foot grocery-anchored retail center that holds both regional and national tenants, and is anchored by Giant Food, Lowe's Home Improvement Center and Target.
Ahmed foresees W&D financing the year out with a bang in this asset category. "We are working on a lot of retail right now."
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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.
