Klein Enterprises Secures $110M Refinancing for 11 Retail Properties in Maryland and Virginia
Klein Enterprises has received $110 million in refinancing for 11 retail properties in numerous cities throughout Maryland and Virginia, Commercial Observer has learned.
Olney, Md.-based Sandy Spring Bank provided the refinancing package. No loan details were revealed.
“This multi-loan closing allowed us to concentrate our efforts on a bulk refinancing all at one time, rather than as loans matured at different times over the next 24 months,” Daniel Klein, president of Klein Enterprises, told Commercial Observer. “We also locked in fixed interest rates for the next 10 years, increasing our cash flow and providing certainty in planning so we can continue to allocate our resources towards growing our portfolio along the East Coast.”
The Maryland properties, which were a majority of strip malls in suburban areas, were comprised of Deer Park Center, a 28,575-square-foot retail center at 9631-9637 Liberty Road in Pikesville; Dumbarton Square at 3703-3709 Old Court Road; Forty West Shopping Center, a 120,434-square-foot retail center at 700 Rolling Road in Catonsville; Mountain Marketplace, an 86.896-square-foot retail center at 348-356 Mountain Road in Pasadena; North East Station, an 8,400-square-foot retail property at 2500-2562 Pulaski Highway in North East; and Northwest Plaza, a 228,865-square-foot retail center at 5600 Wabash Avenue in Baltimore.
The Virginia properties include Clover Hill Shops, a 19,876-square-foot retail center located at 13904 Hull Street in Chesterfield; Courthouse Shops, a 12,336-square-foot retail center at 6921 Commons Plaza in Midlothian; The Shoppes at Belvedere, a 22,557-square-foot retail center at 11458 Robious Road in Midlothian; and Market at Opitz Crossing, a 157,724-square-foot center at 2050 Daniel Stuart Square in Woodbridge.
The 11th asset is Marketplace at Fells Point, a mixed-use property with 159 apartments and 28,000 square feet of retail at 600 S. Broadway in Baltimore.
Requests for comment from Sandy Spring Bank were not immediately returned, while Klein Enterprises declined to provide further details.
In May, the company secured $200 million in capital from Almanac Realty Investors for a strategic expansion along the East Coast, which will include the acquisition of properties in both Washington, D.C., and Northern Virginia.
Keith Loria can be reached at Kloria@commercialobserver.com.