UPPER MARLBORO, MD-The Walton Group of Cos. is moving quickly to put in place homebuilders for its Westphalia Town Center here. It has inked agreements with Mid-Atlantic Builders and Haverford Homes, following a deal signed with NVR in November.

Mid-Atlantic Builders and Haverford purchased 102 townhome lots, committing the remaining 204 of 348 lots. Walton's builder agreement with NVR is for 144 lots. These agreements with Mid-Atlantic Builders and Haverford Homes complete Phase 1 with 100% commitment for 348 homes.

The 479-acre Westphalia Town Center is the Scottsdale, AZ-headquartered company's first development in Maryland. The project also boasts as being one of the largest commercial real estate developments in Prince George's County to date. Westphalia will have, once complete, single-family homes, townhomes, apartments, an elementary school, fire and rescue facility, shopping and restaurants, commercial office space, as well as a hotel.

Construction at Westphalia began earlier this summer with Phase I work delivering in early 2014.

Financing for the project consists of a senior $40.95 million loan with an interest rate of Libor +5.10% with a floor of 6.20% per annum and an initial term of 36 months. There is also a $7.2 million mezzanine loan with interest accruing at 15% per annum, and payable from cash flow on asset sales.

Instant Insights /

Walton Inks More Developer Deals for Westphalia

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