Westech Corner Closes $22.5 Million Refinance
Rappaport announced that a $22,500,000 transaction has closed and funded for Westech Corner, a 41,262-square-foot community shopping center located at the intersection of Route 29 and Prosperity Drive in Silver Spring, Maryland. United Bank provided permanent financing for WesTech Corner and Mark Remington, Principal at Phillips Realty Capital, arranged the financing.
WesTech Corner is 100% leased to a mix of national destination and convenience retailers including Five Guys, Chick-fil-A, Qdoba Mexican Grill, TGI Fridays, Panera Bread, IHOP, and Capital One Bank. The center is located in a densely populated area with more than 300,000 people with average household incomes of over $102,000 living within a five-mile radius. Adjacent to the Hilton Garden Inn Silver Spring, its frontage on Route 29 gives the center visibility to more than 65,000 vehicles per day. Since acquiring the property in October 2014, Rappaport has invested $500,000 in improvements.
“This deal bucks suburban retail trends,” Remington said. “Rappaport is a best-in-class sponsor, and this is a seasoned center with stable, long-term leases. Closing this deal was a matter of matching a premier sponsor with a premier lender.”
“United Bank knows this region and was the ideal lending partner for this asset,” said Gary D. Rappaport, Chief Executive Officer at Rappaport. “Phillips was well positioned to showcase not just the center’s value but the value we add over the long term to the property. Their work on the front end ensured a smooth closing.”