LJ Melody's Joe Donato--who, along with colleagues PaulDougherty and Maury Zanoff, came through with the first trust andmezzanine financing, courtesy of CDC Mortgage Capital--tellsGlobeSt.com that Rappaport decided to recapitalize "because theexisting loan was coming due."

Located at the Corner of Worldgate Dr. and Centreville Rd.,Worldgate Centre is part of the grander 80-acre Worldgate mixed-usedevelopment. The Rappaport Cos. acquired the 14-year-old WorldgateCentre segment from developer Charles E. Smith Cos. in 2000 for $42million. In addition to the fitness facility, the property alsofeatures the nine-screen Worldgate Theaters, a TGI Friday'srestaurant, Kinko's and Starbucks.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Capital Markets
Retail
Washington, DC