Originally built in 1987, Olney Town Center, located at the intersection of George Ave. and Sandy Spring Rd., will undergo a combination of new construction and renovations. The renovations are expected to be complete in Q2 2011, having been expanded to 110,941 square feet, with Harris Teeter as the new anchor tenant. Other tenants in the center will include PNC Bank, Chevy Chase Bank, Subway and Green Turtle Restaurant.
The three-year term is standard for the market now, Remington tells GlobeSt.com, with the floating rate pegged to Libor. The deal could also be seen as an augur towards ground up construction finance--although such financing packages are still quite a way off, he adds.
"The lending markets are starting to come back and the first place they are heading is high quality sponsors for high quality transactions like this redevelopment." Once the lenders feel more comfortable with redevelopment they will start branching out to new construction, he predicts.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
