Northmarq secures $50.75M refinancing for grocery-anchored shopping center in Potomac, MD
Photo source: Jason Smith/Northmarq
POTOMAC, Md. — Northmarq’s Washington, DC Debt + Equity team, led by Jason Smith and Kenneth Gentzel arranged $50.75 million in permanent fixed-rate financing for Potomac Place Shopping Center, an 80,040-square-foot grocery-anchored retail property located at 10100 River Rd. in Potomac, Maryland.
Northmarq arranged financing on behalf of the borrower, Zuckerman Gravely, through its relationship with Nationwide Life Insurance Company. The permanent fixed-rate financing is structured on a seven-year term and will refinance existing debt on the property.
“Located within the heart of Potomac, Maryland, Potomac Place Shopping Center is arguably the most valuable retail center in the region featuring an impressive tenant roster, long-standing occupancy history and robust tenant sales supported by an affluent demographic composition,” Smith said.
Originally constructed in 1967, Potomac Place Shopping Center has served as an established neighborhood retail destination within the North Bethesda/Potomac submarket. The Class A retail property is anchored by Safeway and features a mix of national and local tenants that provide a variety of shopping, dining and service offerings to the surrounding community.
Situated along the busy intersection of Falls Road and River Road (MD Route 190), Potomac Place Shopping Center benefits from strong visibility and accessibility within one of the Washington D.C. metro’s most established suburban markets. Tenants include Safeway, Walgreens, Starbucks, Chipotle, Vie de France Bakery & Café, Strosnider’s Hardware, M&T Bank, PNC Bank, Maurizio’s, Duke’s Grocery, The Market at River Falls and other neighborhood-serving retailers.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
