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Cushman & Wakefield arranges $37.37M construction financing for Bel Air retail
The Derby Place project, anchored by a Whole Foods Market, is 92% committed and will replace a vacant Macy’s at the former Harford Mall.
ConnectCRE reports that Cushman & Wakefield arranged $37.37 million in floating-rate construction financing for Derby Place, a 94,587-square-foot retail development in Bel Air, Maryland.
The site at 610 Baltimore Pike is already 92% committed with retailers and service providers, and it will include 60,000 square feet of luxury boutiques, restaurants, shops, and amenities.
The development will provide 512 parking spaces across a 10.45-acre site, and ConnectCRE says the project will replace a vacant Macy’s location at the former Harford Mall.
Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, SJC Ventures, in securing the loan, which was provided by Bank of America. ConnectCRE adds that SJC Ventures has begun the demolition process for the former Macy’s.