HFF arranges $23M redevelopment loan for Olney, MD retail property

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $23 million redevelopment loan for Olney Town Center (top left photo) , a 98,848-square-foot retail property in Olney, Maryland.

HFF managing director Mark Remington worked exclusively on behalf of the borrower, an affiliate of Carl M. Freeman Companies to secure the three-year adjustable-rate loan with RBS Citizens Bank.

Originally built in 1987, Olney Town Center will undergo a combination of new construction and renovations and upon completion in second quarter 2011, will increase from 98,848 square feet to 110,941 square feet with Harris Teeter as the new anchor tenant.

Other tenants in the center will include PNC Bank, Chevy Chase Bank, Subway and Green Turtle Restaurant. The property is located near the major intersection of Georgia Avenue and Sandy Spring Road in Olney, approximately 10 miles north of the Washington Beltway.

“In a challenging credit environment, this represents a very successful combination of high quality real estate, sponsor and lender,” said Remington.

Contacts:

Mark T. Remington, HFF Managing Director, (202) 533-2500, mremington@hfflp.com 
Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com