Firm Arranges $8M Refi for Solomons Towne Center

SOLOMONS, MD-A mortgage refinancing package totaling nearly $8 million has been put in place for Solomons Towne Center, a 107,000-sf shopping center with 80,000 sf of leasable space on the Chesapeake Bay in Calvert County.

Commercial real estate financial servicing firm Walker & Dunlop orchestrated the deal on behalf of the property owner who prefers to remain anonymous. “The refinancing was for a construction debt,” Walker & Dunlop tells GlobeSt.com. “The interest rates being as low as they are were was convenient as well.”

Located on a 10-acre parcel off Route 2 and Route 4, Solomons Towne Center was developed in 1997–after a long delay caused by wetlands issues. The retail site is anchored by a Food Lion grocery store and is also home to a CVS, real estate company Century 21, and Papa John’s Pizza, and Subway.