Property’s redevelopment and transformation leads to full occupancy and more shoppers
Bethesda, Maryland – October 26, 2017
Walker & Dunlop, Inc. (NYSE: WD) announced today that it closed a $23,985,000 loan for The Trading Post Shopping Center, a 127,764 square-foot, revitalized multi-tenant retail property in Clovis, California.
More than two years ago, Managing Director Jeff Hudson of Walker & Dunlop arranged a construction line of credit to fund the property’s acquisition, rehab, and tenant improvements. At the time, the shopping center was only 20 percent occupied with two unanchored spaces. The borrower has since renovated, expanded, and revitalized The Trading Post Shopping Center with national and regional credit tenants, achieving over 95 percent occupancy and an incredible increase in activity. The local ABC affiliate’s evening news even highlighted the property’s renovation and transformation success story in its own segment last year.
With the shopping center achieving full stabilization earlier this year, Walker & Dunlop was again engaged to seek permanent financing on behalf of Rich Development Enterprises, LLC (“Rich Development”). Mr. Hudson led the Los Angeles-based Capital Markets team of Riley Manke and Andrew Westling in securing a 10-year loan and remarked, “We were able to successfully negotiate with the existing lender to convert the floating rate construction loan to a fixed rate, permanent loan without requiring updated third-party reports. Our client has done an incredible job with this property, and we are thrilled that we were given the opportunity to play a role in this success story!”
Joseph Rich, General Partner of Rich Development, added, “The financial experience and expertise of Jeff and the entire Walker & Dunlop team were invaluable to our turnaround plan. We have worked with Jeff Hudson and his team for over thirty years and are once again very pleased with their results.”
The Trading Post Shopping Center, located in close proximity to Freeway 168, is the newest retail growth corridor in the area and is now anchored and occupied by well-known tenants like Sprouts Farmer’s Market, Ross, Sketchers, Tuesday Morning, Dollar Tree, Pieology, Deli Delicious, Union Bank, and many others.
Through the first half of 2017, Walker & Dunlop closed 59 retail loans, nearly doubling the number of retail transactions closed in the first half of 2016. Learn more about financing retail properties and how Walker & Dunlop can fund your vision at www.walkerdunlop.com.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate services and finance companies in the United States providing financing and investment sales to owners of multifamily and commercial properties. Walker & Dunlop, which is included in the S&P SmallCap 600 Index, has over 600 professionals in 28 offices across the nation with an unyielding commitment to client satisfaction.