Suburban Washington, D.C. retail center refinanced for $44.5M

WASHINGTON, D.C., July 1, 2021 – JJLL Capital Markets announced today that it has arranged a $44.5 million refinancing of The Landing at Woodyard, a newly redeveloped 210,000-square-foot shopping center located in the suburban Washington, D.C. community of Clinton, Maryland.

JLL worked on behalf of the borrower, Meritus Realty Ventures, to place the 10-year, fixed-rate CMBS loan with 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 Landing in 2016 and transformed the asset into a premier retail center. Currently 95 percent leased, the center is home to a recession-resistant tenant roster including Aldi, Chick-fil-A, Marshalls, Popeyes, Ross Dress for Less, Burlington and Panera.

Situated at 8801 Woodyard Rd., The Landing is located at the intersection of Branch Avenue and Woodyard Road, a highly trafficked intersection that exposes the property to more than 130,000 cars per day. The center is well-situated within Prince George’s County, an affluent Washington, D.C.-area community. The project was renamed The Landing at Woodyard partially due to its proximity to Andrews Air Force base, which is just two miles away, providing additional traffic to the center.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Max Herzog and Senior Director Marko Kazanjian along with Senior Director Daniel McIntyre.

“Despite the challenging retail lending market due to the pandemic, there was intense competition among lenders for this permanent loan due to the incredible work Meritus did to redevelop the center into a highly desirable location for retail tenants and consumers,” Herzog said. “The property now boasts strong sales, a waiting list for prospective tenants and brand name retailers, and Morgan Stanley, who was excellent to work with, saw all this and beat the competition to provide really strong permanent loan terms.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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