Bethesda, Maryland – September 15, 2016
Walker & Dunlop, Inc. (NYSE: WD) announced today that it structured a $2,300,000 loan for Callaway Plaza, an anchored retail property in Panama City, Florida.
Jeremy Pino and Livingston Hessam led the team, which arranged the loan between borrower Avenue 12 Holdings, LP and lender BankUnited. The refinance was structured as a fixed-rate, 3-year loan term with a 25-year amortization schedule. Mr. Pino commented, “We were thrilled to place this financing for the borrower which included resources budgeted specifically to re-tenanting the center” adding that “the shopping center has seen tremendous leasing momentum over the last 18 months, backfilling a space formerly occupied by K-Mart.”
Garry Bobke, representative for the borrower, stated, “We enjoyed working with Walker & Dunlop and BankUnited who worked with us to achieve superior terms for our loan at Callaway Plaza.”
Callaway Plaza is ideally located on South Tyndall Parkway (U.S. Highway 98), which is a primary trade corridor and serves as the main route to the area’s bays, beaches, and aquatic preserves. Neighboring areas include a balanced mix of commercial and residential development with schools and employers such as Tyndall Airforce Base and the Florida Department of Health, Bay County. Callaway Plaza is the closest major shopping center to the neighboring base and beach attractions, and is home to anchor tenants Bealls, Grocery Outlet, and Variety Wholesales. Callaway Plaza was originally occupied by K-Mart and Fred’s who both vacated in 2012 and with a recent signing of a new anchor tenant, the center will have a projected occupancy of over 90 percent.
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.