Wednesday, June 19, 2013

George Smith Partners Secures $46 Million in Construction and Mezzanine Financing for Phase 1 of 310-Acre Mixed-Use Development in Maryland




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.

Malcolm Davies
The borrowers are managed by the Walton Group of Companies.

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.

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.

According to Davies, entities managed by the Walton Group acquired the land in February of 2012 for $23.7 million. 

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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