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Washington, D.C.— Walker & Dunlop has structured $61 million in financing for the recapitalization of The Shops at Dakota Crossing, a trophy retail center in Washington, D.C.
Jamie Butler of Walker & Dunlop led the team that replaced the existing construction financing with a senior bridge loan, which also provides for future funding based on additional leasing and capital costs. Located on New York Avenue, the 140,000-square-foot shopping center is 98 percent pre-leased to national and local tenants, including the city’s first Costco, Lowe’s Home Improvement Warehouse, Dick’s Sporting Goods, Marshalls, PetSmart, Chick-fil-A and Starbucks Coffee.