JLL Secures $45M Refinancing for Suburban D.C. Retail Center
JLL has secured a $44.5 million loan to refinance The Landing at Woodyard, a recently redeveloped 210,000-square-foot shopping center in the suburban Washington, D.C. community of Clinton, MD.
Located at 8801 Woodyard Rd., the property is currently 95% leased and is home to a tenant roster that includes Aldi, Chick-fil-A, Marshalls, Popeyes, Ross Dress for Less, Burlington and Panera.
Max Herzog, Marko Kazanjian and Daniel McIntyre of JLL secured the financing on behalf of the borrower, Meritus Realty Ventures. The 10-year, fixed-rate CMBS loan was provided by Morgan Stanley Real Estate. Loan proceeds were used to repay the existing bridge loan and fund remaining tenant improvements for the tenants who recently signed new leases. Meritus acquired the center in 2016.