The JV closed on the purchase of 37 acres through a $6.5 million loan from PNC Real Estate Finance. That facility is now converting into a $29.5 million construction loan. Full financing for the project also includes an equity slug on top of the loan, Biel says. He declined to provide additional details about the financing or development costs.
Clemson Corner, as the shopping center will be called, is situated at the intersection of US Route 15 and Maryland Routes 26 and 355 on the north side of the City of Frederick. The entitlement process took five years, Biel says, annexing the parcel into the city from Frederick County. It was the first such annexation in nearly 10 years. Anchor tenants Wegmans, Lowes, and Marshalls have already signed on, as well as a free-standing Wachovia full-service bank. An opening date of Spring 2011 is planned. The project's fundamentals are still strong, despite the recession and credit crunch, Biel says. "Frederick is an attractive and wonderful area and there is a pressing need for quality retail here."
Based in Charlotte NC, Faison also maintains regional offices in Bethesda, MD and Atlanta, GA. Atapco Properties is a wholly owned subsidiary of American Trading and Production Corp.
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