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Trammell Crow’s D.C. Retail Center Recapitalized
The Shops at Dakota Crossing, a 140,000-square-foot trophy retail center in Washington, D.C., received $61 million in recapitalization. The project was developed by a Trammell Crow Company-led team that included Fort Lincoln New Town Corporation and CSG Urban Partners.
Walker & Dunlop’s Jamie Butler led the structured finance team that 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.
“The Shops at Dakota Crossing is a landmark retail project in Washington D.C., and this capitalization will allow the project to truly reach its maximum potential,” said Butler.
Positioned along New York Avenue, the final phase of development was 98% 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.
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