HERNDON, VA-A $48 million recapitalization package has been put in place for Worldgate Centre, a 230,000-sf retail and entertainment site anchored by the Worldgate Sport & Health complex. Property owner, the Rappaport Cos., relied on CB Richard Ellis’s real estate banking division LJ Melody & Co. to facilitate the deal. According to Fairfax County records, the property has a current assessed value of $41 million.

LJ Melody’s Joe Donato–who, along with colleagues Paul Dougherty and Maury Zanoff, came through with the first trust and mezzanine financing, courtesy of CDC Mortgage Capital–tells GlobeSt.com that Rappaport decided to recapitalize “because the existing 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-use development. The Rappaport Cos. acquired the 14-year-old Worldgate Centre segment from developer Charles E. Smith Cos. in 2000 for $42 million. In addition to the fitness facility, the property also features the nine-screen Worldgate Theaters, a TGI Friday’s restaurant, Kinko’s and Starbucks.

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