On behalf of Fox Chapel LLC, Metropolis Capital Advisors’ Cliff Mendelson (CEO) and Albert Missirlian (Managing Director) announced that they have successfully placed a non‐ recourse $15.5 million loan on Fox Chapel Shopping Center. The loan carries a ten year term, is interest only, below 4%. Metropolis also oversaw the defeasance process required to pay off the existing debt. 

Fox Chapel Shopping Center is an 115,203 SF grocery anchored shopping center located off Frederick Road (Rt. 355) in Germantown, MD. At 100% leased, it has a diverse tenant roster of national, regional and local tenants and anchored by Great Wall Supermarket, an Asian specialized grocery store chain with four locations in the Washington, DC/Baltimore MSA. Other tenants of the shopping center include Gold’s Gym, Pizza Hut, Verizon Wireless, Bonchon, Dunkin’ Donuts and Enterprise Rent‐A‐Car.

RECENT MARKET ACTIVITY

At $30.7 billion, CMBS issuance for the first half of the year is down 44 percent compared to the same period last year due to a more cautious approach/outlook by the B‐piece buyers. Deal flow picked up some as spreads tightened in the 3rd quarter of this year, but now we are on the cusp of a new speed bump as risk retention rules are going into effect in December. Despite the turmoil that CMBS has experienced in 2016, Metropolis was successful in closing this creative interest only loan for our client.

ABOUT METROPOLIS CAPITAL ADVISORS 

Metropolis Capital Advisors LLC is a real estate advisory firm whose leadership team has successfully financed and/or sold over $10 Billion of commercial real estate. The Structured Finance team specializes in the funding of capital for owners of commercial real estate. Experts at structured finance, actively pursuing all portions of the capital stack including senior loans, equity participations, mezzanine financing and joint ventures. It is their mission to provide unique capital solutions for complex real estate finance transactions. Please visit metcapadvisors.com for a complete description of commercial real estate services.