BETHESDA, Md., Oct. 10, 2018 /PRNewswire/ -- Walker &
Dunlop, Inc. announced today that it structured $61,000,000 in financing for the
recapitalization of The Shops at Dakota Crossing, a 140,000
square-foot trophy retail center in Washington, D.C. Led by Managing Director
Jamie Butler, Walker & Dunlop's
Structured Finance team replaced the existing construction capital
stack with a stretch senior bridge loan, which also provides for
future funding based on additional leasing and capital costs.
Positioned along New York Avenue, one of Washington, D.C.'s busiest thoroughfares, The
Shops at Dakota Crossing enjoys a convenient location with high
visibility both to commuters and area residents. Despite high
income and homeownership demographics, the surrounding neighborhood
had few retail options prior to the delivery of The Shops at Dakota
Crossing. As a result, the final phase of development was 98
percent pre-leased with a diverse mix of national and local tenants
including the city's first Costco, Lowe's, Dick's Sporting Goods,
Marshalls, PetSmart, Chick-fil-A, and Starbucks.
"The Shops at Dakota Crossing is a landmark retail project in
Washington DC and this
capitalization will allow the project to truly reach its maximum
potential" said Mr. Butler. "Our client has been dedicated to this
successful project for over 15 years and we are thrilled to play a
role in the completion of their vision."
The development team is led by Trammell Crow Company, a leading
real estate developer and investor. Trammell Crow's joint venture partners include
Fort Lincoln New Town Corporation and CSG Urban Partners, both of
which are experienced developers in DC and are principal catalysts
for growth in the property's surrounding neighborhoods.
Walker & Dunlop's Structured Finance Group provides
access to all commercial real estate finance options in the capital
stack, including joint venture equity, preferred equity, mezzanine
financing, as well as bridge and construction senior debt
financing. The team has a nationwide presence and strong global
relationships with a range of capital providers including
institutional funds, pension funds, life insurance companies,
private equity firms, REITs, foreign capital, registered investment
advisors, and high net worth individuals. The group's experienced
team members have collectively closed over $72 billion in transactions over the course of
their careers.
About Walker & Dunlop
Walker & Dunlop (NYSE:
WD), headquartered in Bethesda,
Maryland, is one of the largest commercial real estate
services and finance companies in the
United States providing financing and investment
sales to owners of multifamily and commercial properties.
Walker & Dunlop, which is included in the S&P SmallCap 600
Index, has over 650 professionals in 29 offices across the nation
with an unyielding commitment to client satisfaction.
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SOURCE Walker & Dunlop, Inc.