WASHINGTON D.C. (June 18, 2013) - Commercial real estate
investment banking firm George Smith Partners has successfully arranged $46.285
million in construction & mezzanine financing on behalf of its clients,
Walton Westphalia Development Corporation and Walton Westphalia Europe, LP, for
Phase I construction on a new, 310-acre mixed-use development in Prince George’s
County, Maryland, a suburb of Washington D.C., according to George Smith
Partners’ Principal, Malcolm Davies.
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| Malcolm Davies |
When complete, the project, known as Westphalia Town
Center, will include a mix of residential, retail, office and hotel
products.
“Although land development construction financing remains
difficult to secure in today’s real estate finance market, the mixed-use nature
of this project, coupled with the Walton Group’s strong track record as a
borrower and developer, enabled us to identify the right lender and negotiate
the best pricing and terms for our client,” explained Davies.
Davies notes that the combination of a low leverage loan
request and the asset’s fundamentals, along with the Walton Group’s expertise
in land development and capacity to assure loan repayment, were the key factors
demonstrated by George Smith Partners when securing the construction funds.
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| Westphalia Town Center rendering, Prince Georges County, MD |
The Westphalia Town Center project will span 310 acres and is anticipated to consist of 845 single family residences and townhomes, 884 rental apartments, 600 hotel rooms, 2,240,000 square feet of office space, and 534,000 square feet of retail space.
For a complete copy of the company’s news release, please
contact:
Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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