WASHINGTON, DC — Walker & Dunlop, Inc. announced that it structured $61 million in financing for the recapitalization of The Shops at Dakota Crossing, a 140,000 s/f trophy retail center in Washington, D.C. Led by managing director Jamie Butler, Walker & Dunlop’s Structured Finance team replaced the existing construction capital stack with a stretch senior bridge loan, which also provides for future funding based on additional leasing and capital costs.
Positioned along New York Avenue, one of Washington, D.C.’s busiest thoroughfares, The Shops at Dakota Crossing enjoys a convenient location with high visibility both to commuters and area residents. Despite high income and homeownership demographics, the surrounding neighborhood had few retail options prior to the delivery of The Shops at Dakota Crossing. As a result, the final phase of development was 98 percent pre-leased with a diverse mix of national and local tenants including the city’s first Costco, Lowe’s, Dick’s Sporting Goods, Marshalls, PetSmart, Chick-fil-A, and Starbucks.