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Northmarq Secures $51M Refinancing for Potomac Grocery-Anchored Property
Northmarq’s Washington, DC Debt + Equity team, led by Jason Smith and Kenneth Gentzel, arranged $50.75 million in permanent fixed-rate financing for Potomac Place Shopping Center.
Potomac Place Shopping Center is an 80,040-square-foot grocery-anchored retail property located at 10100 River Road in Potomac, Maryland. Northmarq arranged financing on behalf of the borrower, Zuckerman Gravely, through its relationship with Nationwide Life Insurance Company. The permanent fixed-rate financing is structured on a seven-year term and will refinance existing debt on the property.
Originally constructed in 1967, Potomac Place Shopping Center has served as an established neighborhood retail destination within the North Bethesda/Potomac submarket. The retail property is anchored by Safeway and features a mix of national and local tenants that provide a variety of shopping, dining and service offerings. Tenants include Safeway, Walgreens, Starbucks, Chipotle, Vie de France Bakery & Café, Strosnider’s Hardware, M&T Bank, PNC Bank, Maurizio’s, Duke’s Grocery, and The Market at River Falls.
