Cushman & Wakefield Secures $28.7M in Financing for Manassas Mall Redevelopment
Cushman & Wakefield has successfully secured $28.7 million in non-recourse bridge financing on behalf of an affiliate of Miami-based Lionheart Capital. The financing will support the ongoing transformation of Manassas Mall, a 941,574-square-foot shopping, dining, and entertainment destination located in Manassas, Virginia, near the Washington, D.C. metro area.
The transaction was facilitated by Cushman & Wakefield’s Equity, Debt & Structured Finance team. Key team members included Robert Kaplan and Mark Rutherford based in Miami, along with Michael Zelin, Bindi Shah, and Ryan McMahon from the Washington, D.C. office. The financing was arranged with The Ardent Companies as the capital provider.
Situated on a 74.7-acre site along Sudley Road, Manassas Mall was originally developed in 1972, expanded in 1988, and underwent significant renovations in 2016 under previous ownership. The property is now poised for a major transformation that will integrate the existing mall into a modern, walkable, mixed-use neighborhood.
“Lionheart already has had tremendous success at Manassas Mall and intends to develop a truly transformational project that will be integrated with the mall, resulting in an urban-style, walkable, mixed-use neighborhood to serve this growing community,” said Robert Kaplan, Executive Managing Director at Cushman & Wakefield. “The new financing package will serve as a catalyst for the firm’s efforts in bringing its vision to fruition.”
