Falls Church, Va.– Spence Hill Associates announced today that it has arranged $3.75 million of permanent financing for McLean Village, a 9,538 square-foot shopping center located at 8104 Old Dominion Drive, McLean, Virginia. Michael H. Trauberman, Managing Director of Spence Hill Associates, arranged and negotiated the financing on behalf of McLean Village, LLC of Vienna, Virginia. The 10-year loan was placed with a Virginia-based bank, and features an initial seven-year fixed interest rate of 3.55%.
McLean Village is a neighborhood retail center situated on the north side of Old Dominion Drive, just east of Spring Hill Road. The fully-leased center has outstanding demographics, and is well-positioned to serve the nearby affluent neighborhoods of McLean and Great Falls. Tenants include Nourish Market, Gathered Stems, Modern History Collection, Dominion Village Cleaners, Pro Taekwondo Martial Arts Center, and McLean Nails & Spa. Mr. Trauberman commented: “During the recent rise in interest rates, we were able to utilize a creative structure to forward lock the interest rate on the loan. As a result, our client benefits from a very attractive, long-term fixed interest rate – one that is now significantly below market.”
Spence Hill Associates, a real estate investment banking firm founded in 1993, arranges the financing and sale of commercial real estate, and provides financial advisory services to real estate owners, developers, and institutions throughout the United States. Spence Hill Associates is headquartered in Falls Church, Virginia.