Meritus Nabs $45M Refinancing for Landing at Woodyard Retail Strip
Meritus Realty Ventures has received $44.5 million to refinance The Landing at Woodyard, a newly redeveloped retail center in Clinton, Md., Commercial Observer has learned.
The lender on the 10-year, fixed-rate, commercial mortgage-backed securities (CMBS) loan was Morgan Stanley Real Estate. The loan was used to repay an existing bridge loan and will fund remaining tenant improvements.
JLL facilitated the loan.
Located at 8801 Woodyard Road, at the intersection of Branch Avenue and Woodyard Road, the Prince George’s County shopping center is occupied by discount retailers, national food chains and an Aldi supermarket.
Meritus originally acquired the retail center in 2016 — then known as Clinton Plaza — and changed its name to The Landing at Woodyard, due to its close proximity to Andrews Air Force Base. It’s also within eight miles of Washington, D.C.
At the time of the deal, The Landing at Woodyard was 95 percent leased, with a roster of tenants that includes discount shops Marshalls, Ross Dress for Less and Burlington; and national chains Chick-fil-A, Popeyes and Panera Bread.
“Despite the challenging retail lending market due to the pandemic, there was intense competition among lenders for this permanent loan due to the incredible work Meritus did to redevelop the center into a highly desirable location for retail tenants and consumers,” Max Herzog, a JLL senior managing director, said in a prepared statement.
Joining Herzog in representing the borrower on the deal were JLL senior directors Marko Kazanjian and Daniel McIntyre.