MMCC, a top provider of commercial real estate financing solutions, recently facilitated a $14.5 million loan for Somerset Crossing in Gainesville, Virginia. The 108,000-square-foot retail shopping center on Somerset Crossing Drive was successfully financed through the efforts of Jared Cassidy (first vice president at MMCC’s Washington D.C. office) and Marcus & Millichap Mid-Atlantic IPA specialists Dean Zang and David Crotts.
Cassidy stated that they worked closely with an experienced private developer to secure a loan structure that met their immediate needs and timeline. Ultimately, Trevian Capital was chosen as the lender due to their understanding of the unique aspects of the deal and ability to provide suitable financing.
The terms of this non-recourse loan span over 18 months and allowed borrowers to refinance existing acquisition debt while also paying off investors’ shares and other expenses. Additionally, it provided funding for tenant buildouts and improvements at the property which is located in Washington D.C.’s MSA just 30 miles west from downtown DC. With its mix of fitness centers, retail stores, restaurants,and neighborhood tenants,the property offers strong potential for success.
