RBS Citizens has provided $31.25 million in financing for the Fair Hill Shopping Center, a Class A retail center located in Olney, MD.
The loan, which was arranged by Walker & Dunlop, LLC Senior Vice President David Redmond, was structured with a 10-year term with 1-year interest only followed by a 30-year amortization schedule. Walker & Dunlop closed the loan for the borrower, Carl M. Freeman Companies, three weeks after receiving the signed application.
Fair Hill Shopping Center is a newly-renovated property that offers 110,072 square feet of rentable space on over 12 acres. The open-air shopping center is anchored by Harris Teeter and features tenants including PNC Bank, Capital One Bank, TD Bank, Panera Bread, and The Greene Turtle restaurant.
Fair Hill Shopping Center was 97 percent leased at closing.