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| McLean Village, 8104 Old Dominion Drive, McLean, VA |
FALLS CHURCH, VA, July 23, 2013 – Spence Hill Associates
announced today that it has arranged $3.75 million of permanent financing for McLean
Village, a 9,538 square-foot shopping center located at 8104 Old Dominion
Drive, McLean, Virginia.
Michael H.
Trauberman, Managing Director of Spence Hill Associates, arranged and
negotiated the financing on behalf of McLean Village, LLC of Vienna,
Virginia. The 10-year loan was placed
with a Virginia-based bank, and features an initial seven-year fixed interest
rate of 3.55%.
McLean Village is a
neighborhood retail center situated on the north side of Old Dominion Drive,
just east of Spring Hill Road. The
fully-leased center has outstanding demographics, and is well-positioned to
serve the nearby affluent neighborhoods of McLean and Great Falls.
Tenants include Nourish Market, Gathered Stems, Modern
History Collection, Dominion Village Cleaners, Pro Taekwondo Martial Arts
Center, and McLean Nails & Spa.
Mr. Trauberman
commented: “During the recent rise in
interest rates, we were able to utilize a creative structure to forward lock
the interest rate on the loan. As a
result, our client benefits from a very attractive, long-term fixed interest
rate – one that is now significantly below market.”
Spence Hill
Associates, a real estate investment banking firm founded in 1993, arranges the
financing and sale of commercial real estate, and provides financial advisory
services to real estate owners, developers, and institutions throughout the
United States. Spence Hill Associates
is headquartered in Falls Church, Virginia.
For a complete copy of the company’s news release, please
contact:
Michael H. Trauberman
Spence Hill Associates
571-641-3050
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