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PCCP, LLC, has provided an $83.9-million senior loan to WRS, Inc., to finance the site housing the Lakeforest Mall in Gaithersburg, MD.

WRS Shocks New Life into Dead Mall in Gaithersburg with $84M Loan

PCCP, LLC, has provided an $83.9-million senior loan to WRS, Inc., to finance the 102-acre site housing the Lakeforest Mall in Gaithersburg, MD. The acquisition creates a path to re-energize the dead mall into a mixed-use with residential, commercial and green space.

WRS acquired the mall’s inner core in 2019, and PCCP’s loan was used to purchase the four big-box anchor properties. The infill site is on Russell Avenue approximately 24 miles northwest of Washington, DC.

With a simultaneous closing of the four anchor properties WRS Inc. now controls the entirety of the 102-acre site, which is governed by a 1970s reciprocal easement agreement.

“This significant infill site offers WRS a very unique, large scale land assemblage just off Interstate 270 in suburban Washington, DC,” said Ryan Dodge, PCCP managing director. “The strategic redevelopment plan has had the support of the city and is anticipated to provide the community with a quality mixed-use project.”

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PCCP, LLC’s Dodge

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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