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Cushman & Wakefield Arranges $37M Financing for MD Mixed-Used Development
Cushman & Wakefield has arranged $37.37 million in floating-rate construction financing for Derby Place, a 94,587-square-foot retail development anchored by Whole Foods Market in Bel Air, Maryland.
The property is already 92% committed with retailers and service providers. Located at 610 Baltimore Pike, Derby Place will feature 60,000 square feet of luxury boutiques, restaurants, shops and amenities. The development will offer 512 parking spaces on a 10.45-acre site.
Derby Place will replace a vacant Macy’s location at the former Harford Mall. Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Mark Gilbert, Alex Hernandez, and Mitch Rothstein represented the borrower, SJC Ventures, in securing the financing. SJC Ventures recently began the demolition process of the former Macy’s.
Bank of America provided the loan. “This transaction exemplifies the continued demand for institutional-quality, grocery-anchored retail in high-barrier markets,” said Gilbert.
