Neighborhood Retail Center Rounds Up $8M in Financing

POTOMAC, MD-The owner of Potomac Woods Shopping Center, a 60,000-sf retail destination in Montgomery County, has secured an $8 million first mortgage refinancing loan for the property. With the assistance of senior managing director Clifford N. Mendelson of Transwestern Commercial Services’ Structured Finance Group, property owner Seven Locks Plaza LLC was able to close the deal with lender Bear Stearns.

Potomac Woods Shopping Center, also frequently referred to as Potomac Woods Plaza, occupies a 5.5-acre parcel off Seven Locks Rd. near Montrose Rd. The property was built in 1977 and Seven Locks acquired it for $3.6 million in 1996. The owner subsequently spent about $4 million to upgrade the center in 2000.