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.”