Financing Deal Closes on Retail Center

OLNEY, MD-A financing deal involving $30 million has closed for Olney Village Center, a 200,000-sf grocery-anchored neighborhood shopping destination at Rte. 108 and Village Mart Dr. Olney Village Center owner Carl M. Freeman Associates acquired the retail property in 1999 and recently wrapped up an expansion and renovation of the 1970s era structure. Real estate finance and investment concern Cassidy & Pinkard/iCap secured the financing through Metropolitan Life Insurance Co.

“The reason why this was a good investment primarily comes down to the demographics of the neighborhood,” Cassidy & Pinkard/iCap’s Mark Remington tells GlobeSt.com. “The center is surrounded by nothing but rooftops. It’s a very dense suburban neighborhood and it’s becoming more dense.” As a result of the recent expansion endeavor, Olney Village Center grocery store anchor Shoppers Food Warehouse expanded, and two additional anchors–Home Goods and TJMaxx–joined the tenant roster. Cassidy & Pinkard/iCap also facilitated the renovation loan.