Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FREDERICK, MD-A joint venture between Faison Enterprises and Atapo Properties has finalized financing for a retail project here that has been in the works for the last five years. With the financing in hand and land purchase complete, the companies will be breaking ground on the 380,000 square foot project within the next 45 days, Howard Biel, head of Faison’s Northeast Retail Development division, tells GlobeSt.com.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.